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Things to consider when divorcing a business partner

For some couples, getting married is not just about sharing their lives. It can be about sharing their business and professional ambitions as well. While this type of partnership can be very advantageous for both parties when things are going well, it can create even greater complications if the couple decides to dissolve their marriage.

Before you start taking steps toward divorcing your partner, you will want to dedicate some time to determining what options are available to you and which of those available options would be most beneficial in your particular situation.

Prenuptial agreements

If you and your partner had the foresight to agree to a prenuptial agreement, then your divorce may be less complicated than it would be otherwise. Instead of a prenuptial agreement, it is very possible for couples to draft and agree to other documents that explicitly state how their shared property will be treated in the case of a divorce. However, it you did not establish such an agreement there are certainly other courses of action.

Amicable cooperation

Just as in business, most partners achieve more when they have a good working relationship. Even if both parties have decided that a marriage is not the most beneficial form for their relationship to take, it is very possible to continue the partnership outside of the marriage. In fact, an amicable divorce will most likely achieve a number of things for you, including,

· More beneficial property division agreements.

· A better functioning business.

· A prime example of creative problem solving and conflict resolution for children.

Business valuation

Once you have definitely decided to dissolve the marriage and your business partnership, you will want to hire a business-valuation firm. Property cannot be divided well until the value of that property has been established.

In these situations, it is highly suggested that both parties work together to choose a single business-valuation firm that will serve as a neutral third party when analyzing their shared business. Choosing a single firm will also save both parties considerable time and expense.

No matter how you choose to go about the process, you will most likely want to know that your best interests are being cared for. As such, it is highly recommended that you obtain the services of an experienced and knowledgeable legal professional early on in the process. They will be able to get the whole process started in a way that will have the interests of both you and your business in mind.

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