7 Tips for Splitting a Co-Owned Company During a Divorce

7 Tips for Splitting a Co-Owned Company During a Divorce

Some divorces are not complicated, and you might be able to navigate through the process with your spouse. However, if you’re handling complex matters like splitting co-owned property, you might face challenges that might delay your divorce for several months.

Besides, you might make a mistake that might benefit your spouse, resulting in lengthy court battles that might cost a significant amount of money and resources. Luckily, you can take the following measures to help you protect yourself and ensure that you get the rightful share of your company after your divorce.

1. Inform Your Legal Team That You’re Parting Ways with Your Spouse

After you decide to part ways with your partner, inform your legal team about your decision. Your attorney will advise and guide you on what to do during the divorce process to ensure that you don’t make a mistake that might jeopardize your chances of getting a favorable outcome in court. They will then refer you to a reputable business attorney to help you understand your legal options in the case. The attorneys will then work together to ensure that you get the best outcome.

2. Provide Your Legal Team with All Business Documents

After explaining your situation to your legal team, please provide them with all the business documents. That includes the agreement signed before your business started operating. The documents will enable your attorney to know the terms of the agreements, enabling them to know the strategies to use to get the best results when splitting your co-owned firm.

3. Don’t Do Anything That Might Infringe on Your Partner’s Rights

Even if you’re furious about your spouse’s decision to divorce you, don’t do anything that might infringe on their rights. For example, don’t make important business decisions without consulting them or try to shut them out of business. That might complicate your case or even affect your outcome in court. Therefore, it is not advisable to go against your working agreement until the court rules on each one’s responsibilities when delivering a judgment on your divorce case.

4. Don’t Attempt to Interfere with Business Records

The court will examine all business records before ruling on how you will split your partnership company. Therefore, if you don’t want to mess up your case, don’t attempt to interfere with business records. That might indicate that you’re hiding something, handing you an unfavorable judgment.

5. Don’t Make Any Management Changes without Seeking Professional Advice

It is also not advisable to make any management changes without seeking professional advice. Your partner might accuse you of acting outside the law, which might give them an upper hand in the case. Therefore, if you want to hire or fire any employee when your divorce case is going on, consult your attorney and seek their advice to ensure that you don’t act outside the law.

6. Don’t Abdicate Your Duties

Abdicating your duties might also hurt your chances of getting justice in your divorce case. Therefore, even if you feel hurt by living away from your partner, continue undertaking your company duties.

7. Consider the Rights of Other Partners

It is not advisable to let other business partners suffer because you disagree with your spouse. Consider their rights when making every decision during your divorce proceedings.

Your top priority when going through a divorce should be how to get the best outcome in court. That is why it is advisable to take the measures above when splitting your co-owned business when parting ways with your partner.