Married Couples, Small Businesses and Divorce

The Census Bureau reports that married couples in America own 3.7 million small businesses. The difficulty in businesses owned by spouses is that when the marriage falls apart, the company may deteriorate as well. That is why it is important to create an alternate business plan or to determine how the company will be divided in the event of a divorce. Many couples who marry will include a business division plan in their prenuptial agreement as a precaution. Those that fail to do so may discover that their company will be torn apart in a contentious divorce.

Some couples can raise and maintain a business in a sort of "co-parenting" arrangement. Amicable couples often choose to raise their children together, alternating time with the children and collaborating on important decisions for the child's future. In a similar way, many couples may be able to maintain a business relationship long after the divorce takes place.

National Public Radio (NPR) reports that many couples are starting to explore the option of becoming "copreneurs" after divorce. This allows them to separate their personal and professional lives and make sure that their business stays intact despite grim emotional circumstances. There are circumstances where a couple cannot sustain their business in the face of a divorce and may have to sell.

Don't hesitate to contact a skilled Los Angeles divorce lawyer if you and your spouse are currently working together on a co-owned business but would like to get a divorce. A creative and innovative divorce lawyer at Claery & Hammond can help you to explore all options, determine the best division and effectively care for your business. Call the firm today to get more information about how we can help you to preserve your company!