Divorce is already difficult enough when a couple has to separate and two families have to split. If there is a business involved, a couple will have to decide whether to keep it going as it is. While some people have no problem continuing to run a family business after a divorce, some splits are so contentious that this is not possible.
In situations where both people cannot continue to work as business partners, the options are to have one person buy out the interest of the other or to sell the business outright. Selling a business outright is usually the simplest process, but one person may want to keep the business going. When one person chooses to buy out the interest of the other, a business must be valuated so that a price for interests can be determined.
People can either use cash to buy out their spouse's business interests or they can use marital property to trade the value. For example, someone may give up their interest in the couple's home but keep their spouse's business interests.
When a couple divorces, asset division is a top priority. If a couple had children, things like child support and custody will need to be determined. Additionally, in a high asset divorce, if one person made a great deal more money than the other, the topic of spousal support may also come up. Knowing how the law determines these matters can be helpful, even if someone does not litigate their divorce. A lawyer could assist someone through their divorce and represent them in court or during mediation.