Maryland residents sometimes hold off on filing for divorce for a variety of reasons. Some people have been married so long that they may just think they are going through a rough patch and that everything will get better at some point. However, for others there are major financial implications, and the prospect of a high asset divorce struggle is simply too unappealing.
For instance, a recent article pointed out that married couples who co-own businesses together may be facing quite a few difficult issues in a divorce dispute over assets. If both spouses have put an equal amount of effort into the business – and neither is interested in ceding control of the company to the other – the result may be that the company gets valued, sold and the proceeds distributed between the spouses.
Of course, that is usually the worst case scenario when it comes to dealing with business assets in a divorce. Some couples, no matter how bitterly they fight over other issues in a divorce, may decide that the business they operate is simply too important to them to let go, so they ultimately work out a situation in which they continue to work together strictly as business partners. Or, in some cases one spouse will just buy-out the other spouse’s interest in the company.
When it comes time to address business interests in a divorce, the financial details can get complicated because the potential long-term implications can be quite serious. But, just like with other issues like child custody, child support or alimony, if the soon-to-be ex-spouses keep their eyes on what is important – post-divorce happiness – they may be able reach an agreement that is beneficial to everyone involved.
Source: Entrepreneur, “‘I’m Getting Divorced, and My Spouse Owns Part of My Company’,” Mike Sowinski, April 27, 2014