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3 things to know about dividing a business in divorce

Divorce is painful and complicated enough without any further factors to take into consideration. If you and your ex were also in business together, this can make your split even messier, but it does not have to be a point of contention. Couples who are separating and wondering how to deal with their business have several paths they can take for resolving the issue amicably and effectively.

Consulting with a legal representative is a good first step to determine your options following a separation. In the meantime, you should know the following three facts about businesses and divorce. Consider this information when you are wondering how to handle your business interests:

1. Assets are divisible

The first thing you should know about handling your business in a divorce is that it is subject to equitable division under Georgia law. In the absence of a prenuptial or postnuptial agreement, the assets and value contained within a business are subject to division in a divorce settlement. This is one reason why it is important to consider a prenuptial agreement if you and your spouse are in business together.

2. You can buy out

Assuming that you and your ex were partners in your business, one of the most common solutions to divorce is one spouse buying out the other's share in the company. When this is the best option, care should be taken to ensure that applicable taxes are handled and that any interest is also divided properly between both parties.

3. Continue cooperating

Of course, another option is to simply to continue operating your business together as you previously did while married. Though this can be a challenge for exes, it is one way to keep the business intact and circumvent the legal process of separating it and dividing its assets. If this is the route you take, you should still asses the legal implications of continuing to operate the company together.

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