A business is often so much more than a financial endeavor. Married couples who co-own businesses in Georgia are not only setting up a steady source of income for their families, but they are also choosing a path in which they can spend more time together. These emotional ties can complicate dividing that business during divorce, but couples who approach property division with realistic expectations can usually handle the matter fairly well.
Most business owners have a general idea of how much their business is worth. During divorce, an estimated value is not good enough. Before divorcing couples make any decisions about what to do with their business, they should consider having an impartial and third-party individual perform an accurate valuation. Understanding the true market value of a business will inform any decisions moving forward.
Depending on the situation, some people might decide to keep up with business as normal after a divorce. Some couples work well as business partners despite being ill-suited romantically. However this is not the case for everyone, and couples might instead opt to sell off the business and divide up the profit.
While these are both good options, they are not the most common choice. What couples usually decide to do is for one person to maintain ownership of the business. This involves buying the other person out of his or her share of the business.
Property division is already a difficult issue for many couples in Georgia. Untangling years or even decades of marital assets can be overwhelming, especially when property of significant emotional and financial value is involved. In such cases, couples going through divorce often turn toward experienced attorneys who can provide useful guidance.