Building a business with your spouse takes years of hard work and dedication. But what happens to that shared dream when you face a divorce? Will you have to sell your business or give up control to your soon-to-be ex-spouse?
The good news is that mediation can provide a solution that allows you to keep your business intact, even after divorce.
Mediation can help keep your business intact
Mediation involves a neutral person (the mediator) who helps you and your spouse work out a solution that benefits both. The mediator does not decide for you. Instead, they facilitate discussions and guide you toward a mutually acceptable resolution.
Through mediation, you can negotiate a fair division that does not necessarily mean selling or splitting the business, such as:
You could agree to buy out your spouse’s share of the business.
You might offer other assets in exchange for full ownership.
You could continue co-ownership with clear operational guidelines.
Mediation allows you to explore these options in a more cooperative setting. You can even work with financial professionals to determine the business’s value and create a workable plan for both sides.
Less stressful and more affordable way
Most people who try mediation are satisfied and follow the agreement because they created the solution together. The process can save time, money and reduce stress while keeping all your discussions private, protecting your business’ reputation during this difficult time. It can also preserve relationships better than litigation.
If you are considering divorce and are worried about your business’ future, it is best to consult with a qualified attorney to understand this option fully.
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