If both spouses co-own a business together, how will it be divided after divorce?

By Laura Schantz
February 09, 2016

In the last couple of years, I have had a case with a couple who were veterinarians, and they both owned and ran this veterinarian practice. You are sitting there wondering who is going to leave and who is going to stay. When you get a divorce, you’re going to disentangle the parties completely and financially. It’s very unlikely that someone would stay working in the business. But in that case, one of the parties was going to have to buy the other person out of the value of the veterinary practice. It just sort of shook out that one of them decided they were going to be the one that could do that, could stay in the business, could do the work, and could buy the other person out. The other person was willing to look into working somewhere else, maybe starting their own business in another location. That sort of worked itself out.

Normally, there’s always one person that’s really the primary person in the business. It’s the family-owned business that’s been a timber company in the family for generations, or somebody is doing most of the work but the other person is just doing the bookkeeping. Typically, the owner that’s the most involved is going to be the one that’s going to end up staying.

Laura Schantz, a Beaverton divorce and family lawyer and mediator has helped clients find creative solutions to complex financial matters involving asset division, spousal support, and child support. To learn more about Laura Schantz and her firm, visit www.oregondivorceattorney.com.

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February 09, 2016
Categories:  Financial Issues|FAQs

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