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Options for business owners in a divorce

When people in Kentucky are going through a divorce and are also business owners, they will need to decide what to do about the business. This may involve asking a number of questions. For example, if the divorce is relatively amicable, they may prefer to simply continue running the business themselves.

It might not be feasible for one person to buy the other one out if both people are integral to the business, even if the two do not get along well. However, it may be possible to restructure the business to allow the couple to keep running it after divorce under a different arrangement than they had while married. For some couples, this may mean one person stepping back and having less involvement. For others, selling the business may be the best solution. They should start by agreeing on what the terms of the sale should be and what price is acceptable for the business. They may end up having to sell the company for less than they hope if they are experiencing financial difficulties.

One person may have the liquidity to buy the other out. A payment plan is another option. The two may want to create a noncompete agreement if one of them leaves the business.

A company might be only one of a number of valuable assets in a high-asset divorce. Complicated investments, overseas properties and multiple business interests could make the process of property division a complicated one. When assessing the value of property, people should also understand expenses that could reduce their value. Selling some types of property could have tax implications. While both people are supposed to be forthcoming about their finances in a divorce, hiding assets may be another concern for some people. A person who believes that a spouse is attempting to do this might want to discuss it with an attorney.

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Dietz & Overmann, PLLC
130 Dudley Road Suite 150
Edgewood, KY 41017

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