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Husband-Wife Business Partnership Teams Need to Plan for Possibility of Divorce

When married couples decide to start a business together, they tend to experience the excitement that comes with the opening of any business.  However, those who are in this position should be prepared to make some difficult choices and to deal with some challenging subject matter before the business opens its doors.  Specifically, married couples who are starting a business together should make plans for what will occur should the couple ever decide to pursue a divorce.

While no one likes to think in what many would describe as a pessimistic manner, the statistics that were recently released by the National Federation of Independent Business show that more than one million businesses in the United States are owned by a husband and wife.  This includes businesses of all sizes, in all industries and that are organized in every way possible, including partnerships and corporations.  No one is sure how many of these husband-wife business ownership teams have planned for the possibility of divorce, but a lack of such a plan could substantially harm the business if that contingency arises.

Married couples who are starting a business or who already own a business need to take immediate steps to put strategies in place that specifically handle these situations.  An example of such a strategic provision would be a buy-out clause for one party or the other so that the business can continue to run and people not involved in the divorce do not lose their jobs.

San Diego Business Valuation Lawyers

If you own a business with your spouse and you’re concerned that the business is not protected from a divorce, you need to seek the help of professionals who can guide you through the planning process and help you, your spouse and anyone else who is connected with this business rest easy that the company will survive even if the marriage does not.

You can handle this issue quickly by obtaining the input of San Diego business valuation lawyers who have been representing business owners in family law matters for many years.  Contact the Men’s Legal Center today to schedule an initial consultation.