Colorado Springs business owners face unique challenges in a divorce when it comes around to dividing a business. Not only will a court divide the business, but it may also award the spouse a monthly support payment, called maintenance. Even a well written prenuptial agreement may not be enough to protect the assets of your business.
So are the two spouses supposed to stay in business together? Typically, that’s not how it works. Frequently, divorce occurs because of tension in the relationship. This tension between the parties will often persist long after the divorce is finalized. Therefore, one party’s commitment to carry on as a business partner with their former spouse after divorce may be unwise even for the smoothest of divorces.
Business owners usually have a few options when it comes to dividing their property: monthly spousal maintenance payments; a buyout; some combination of the two; or sale of their business interest.