How Can I Leave the Family Business and My Ex?

The division of the family business is usually based on a contract the was made before the business was established. However, the best way to deal with leaving the business and your ex is through an extra-judicial settlement.

The Family Business in a Divorce

Married couples usually engage in business or make investments together. It is the most practical way of improving their finances and ensuring that they have sufficient money for the needs and wants of the family. This arrangement is beneficial to the spouses since their conjugal funds are used for the family business. However, a problem arises when either of them wants to get a divorce. When the relationship turns sour, it is necessary to dissolve the marriage and to have a proper partition of the properties involved.

If you started a business with your spouse whom you wanted to file a complaint for divorce, the first step that you need to do is to talk to a family law attorney. It is important to consult with legal counsel in order to discuss your rights and obligations regarding the family business. There is a need to educate yourself regarding the applicable statutes to your situation.

When it comes to divorce, it is not only limited to the dissolution of the marriage. It also involves the separation of the properties of the spouses which they have acquired during the subsistence of the marriage. All their conjugal properties or absolute community of properties will be partitioned among themselves. The division of the family business is usually based on a contract entered into by the spouses before the establishment of the said business. When they cannot come up to an agreement, the judge may issue an order for the partition of the business after a careful examination of the attending facts and circumstances.

The best way to deal with leaving your ex and the family business is through an extra-judicial settlement between the two of you. If the other spouse is willing to negotiate, give him or her the chance to do it. However, make sure that all negotiations are made in the presence of your lawyer. This is important to avoid any legal problems that may arise in the future.

For failure to settle amicably or enter into a compromise agreement concerning the separation of the assets with regard to the family business, the best way to deal with it is to seek court intervention. A proper case may be filed in court concerning the said subject matter. Before doing such, consult again with your chosen lawyer. Prepare certain documents, testimonies or other related objects that may be received as evidence to support your claims.

For Immediate help with your family law case or answering any questions please call (262) 221-8123 now!

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