You and your spouse may have decided to end your marriage, but what you may not have decided is what to do with the family business.
Your business is an asset that will become the focus of the property division. Basically, you have three options to consider in deciding its fate.
Put the business on the market
Selling the business outright is a common option. It allows the divorcing couple to divide the profits and start their lives anew. However, before you put the business on the market, you will need an appraiser to perform a valuation in order to arrive at an appropriate price.
Perform a buyout
One of you could buy out the other, especially in a case where one spouse is more heavily invested in the business. Once again you will need a valuation. If funds are not available for the buyout, you could establish a payment plan or offer other assets that equal the value of the business.
Keep the business
If you are both emotionally attached to the family business, you may want to consider keeping it. If the two of you feel you can continue as co-owners once the divorce is final, this would be the easiest solution, and the expense of a valuation would be unnecessary.
Take the next steps
Both you and your spouse must make clear what you want to do with the business. Relying on legal guidance, you must carefully consider the options and prepare to go with the choice that makes the most sense for the next stage of your life.