The impact of divorce on a Wyoming small business

The impact of divorce on a Wyoming small business

On Behalf of | Mar 19, 2019 | Divorce, Firm News |

When a Wyoming couples decides to move forward with the process of ending their marriage, they will have to divide marital property. Property division is often one of the most complex aspects of divorce, and it can be even more complicated when the couple owns a family-run business. Deciding what will happen to a small business is not easy, but it will likely work one of three ways. 

Business owners will find it beneficial to learn what to expect from the property division process and various scenarios for how they can address their business assets. One option is for a couple to sell the business and then share the profits from the sale. This can allow both parties to have a clean break and perhaps even invest their share back into a new business.

Spouses also have the option to keep the Wyoming business and continue working together. If this is the right choice, both parties will find it helpful to discuss how they can minimize disagreements and still run the company jointly. The final option is that one spouse will keep the business by buying out the other person’s share or negotiating a reasonable solution to include in the final divorce order.

Divorce will bring about significant financial changes in a person’s life, including what will happen to his or her business. It is possible to preserve the interests of a business and ensure its continued success during this difficult time. Before agreeing to a settlement or moving forward with a decision regarding complex marital assets, it makes good sense to discuss concerns with a legal professional.