Business owners have to deal with conflict not only in their duties as entrepreneurs, but also in their personal capacities. While the two spheres of their lives are often kept separate, they sometimes collide with violent force. When this happens, Louisiana residents need to make sure they are able to enter into business agreements that protect their best interest as fully as possible under the circumstances.
This is especially true when a couple who co-owns a business chooses to divorce. During the division of their marital assets, decisions must be made about the business. There are a number of options, and choosing the right one is dependent upon what an individual hopes to get out of their divorce and their business. For example, if an individual simply want to escape a marriage and a business, then he or she may choose to sell his or her share to the other. Of course, this option requires the buying spouse to have adequate financial resources to follow through with the buyout.
Another option is to jointly sell the business and split the proceeds accordingly. If this option seems appealing, then certain consideration must be taken into account, such as the timing of the sale and acceptable sale terms. Only then can a couple come to an agreement about the best way to approach the matter that leaves them in the best financial position moving forward.
These matters aren’t always easy to address. In fact, they are oftentimes heated. In other instances, though, couples are able to co-own their business despite divorce. Regardless of the circumstances, it’s probably best for Louisianans who find themselves in this situation to sit down with a business law professional who can help walk them through their options, particularly as they pertain to business sales and dissolutions.