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When married business partners get divorced

Most people in Maryland would agree that a divorce regardless of the nature of the circumstances is never a simple experience. It tends to rock a person at the most fundamental level and even forces them to realign their hopes and dreams for the future. When a person getting divorced is married to their business partner, things can get even more complicated quickly. 

MarketWatch indicates that business-owning spouses who operate their companies together can benefit from creating either solid buy-sell agreements or even prenuptial agreements, or maybe even both. These documents can outline their wishes for how a business will be handled in a number of situations including divorce but also in the event of death or simply the wish of one person to leave the business to pursue other opportunities. Such agreements and documents essentially outline their exit strategies which is simply smart business even for partners who are not married to each other.

As explained by Forbes, there are generally three choices for spouses when getting divorced. They can sell their business outright to a third party or they can agree to let one of them retain the business and let the other spouse buy that first person out. In both of these scenarios, the business must be properly valued so that all financials can be incorporated into the overall divorce agreement.

Some people find that while they are not able to successfully remain married, they can successfully run a business together. This avoids the need for any valuation or other assessment of or disruption to the business and to this part of their lives.

 

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