Answer:

I represent several people who are business owners who are going through a divorce and their first question to me is usually what will happen to their business as a result of a divorce. Am I going to have to remain business partners with my soon to be ex-spouse? What exactly is going to happen to my business? This is a huge concern and what the courts do in Georgia with business is a variety of different things that they do. One, one spouse can buy out the other spouse out of the business so that they are not business partners anymore. The court can value the business and simply market it and sell it. Ideally, what you would want to do if you’re a business owner going through a divorce, you would want to talk with your spouse. Do your very best to reach an agreement as to how that business is either distributed or dissolved or maintained where your spouse agrees to a certain number, a certain amount to be bought out so that the business can continue. You rarely want to leave it up to a judge to direct you as to what’s going to happen to your business that you worked at years and years and years. Ideally, it’s better, if you can, to reach an agreement. This is a very complicated question. If you have a question about being a business owner going through a divorce or any question about divorce, please contact us. We’d love to help you.