Can you still run a business together if you get a divorce?

Many couples would never dream of setting up a business with the person they are married to, or marrying the person they run a business with. Yet, for many couples, it is an excellent arrangement.

If those couples decide to divorce, they have a difficult choice to make. Does one of them keep the business, do they close it entirely, or could they perhaps still keep running it together?

Anyone thinking of continuing to run a business together after a divorce needs to know it may not be easy, although once again, it can be an excellent option for some. Here are some of the things to consider.

Keep it strictly business

Let’s say one of you would prefer not to get divorced. They might say yes to staying in business together as they hope it will give them an opportunity to gain back the love of their spouse. How might things play out if the spouse who initiated the divorce then went on to date someone new? Could that lead to business problems if the rejected spouse acts out on the hurt they feel? If you and your ex cannot separate your business relationship from your personal relationship, that could be problematic. 

Document everything

Maybe when you were married, you just made the business work without really defining individual roles or shares. That must change. You’ll need to document how the business relationship will work. Who owns what percentage? What happens if one party wants to leave, and how do you resolve disputes? If you move forward with the business together, you need to have all the details written down and agreed upon to avoid conflicts.

Divorce will already be complex with plenty of other decisions to make, so seeking legal guidance can help you decide whether continuing to run the business together really is feasible.