Running a business together can be a financial benefit for some couples in Massachusetts. This is because of the doubled efforts that some couples put into a family-owned business to make it a success. However, when the same couple decides to end their marriage in divorce, whether or not to continue business operations together can be one of the negotiations in the ending of a marriage.
There are 3.7 million married couples running business together in Massachusetts and across the nation. Of these couples, a significant number find that they must end their marriages in divorce, reports one authority. This leads to decisions including how to split martial property and whether or not to continue a business together as partners. The decision to end a business may affect not only the couple divorcing but also employees and others, the report indicates.
If a couple decides to continue running a business together after a divorce, they may benefit from creating agreements that are common to other partnerships. These agreements include job guarantees or details regarding the effect of one partner leaving the business. Such details can be negotiated in a divorce or after.
Deciding to run a business with an ex-partner after a divorce can be a difficult one. However, some couples are able to make a successful effort using tools such as business agreements. Others, however, find the proximity to their former spouse too difficult and seek to end both the personal and business relationships. In such cases, the business may be divided in a property division negotiation during a divorce process in our state.
Source: The New York Times, "When Couples Divorce but Still Run the Business Together," Bryan Borzykowski, Dec. 6, 2012