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How to deal with a jointly-owned business during divorce

Divorce can bring about a variety of issues for a Texas couple. One of the factors that might deeply impact each spouse's post-divorce life is how assets are divided and handled. If the couple owns a business together, the property division process will be that much more important.

The way the business is handled during a divorce will depend on whether the company was formed pre-marriage by one spouse or during the marriage by both partners. For the latter scenario, some might think that the only way to move forward is to sell out to one spouse or sell the business and split the profits. Others might want to continue owning and running the business jointly once the divorce is final. Spouses who want to continue running a business together should consider their relationship. In an amicable divorce, ex-spouses who get along well and can work together can make the new dynamics work within their business.

Couples who have a difficult relationship that could turn sour might choose to either sell out to one ex or dissolve the business altogether. Before making a decision, each spouse should consider their own financial situation and think about the role each partner plays in the business. In some cases, a business could face a negative blow if one spouse leaves the partnership.

Whether a business is dissolved or kept alive after a divorce, there will be many legal issues involved in the decision. A lawyer can provide guidance through this process, information about possible liabilities and support and representation during divorce negotiations.

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