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Dec 7, 2016BY: Lloyd Friedland

Divorcing Your Business Partner? Don’t “Kill the Golden Goose”

Divorcing your spouse doesn’t necessarily mean you have to divorce your business partner.

When couples who are in business together get divorced, their first inclination is that they are going to have to divorce as business partners as well.

Negotiations surrounding the dissolution of the business oftentimes get more contentious then the parties divorce proceedings and can result in a worst-case scenario of having to liquidate a thriving and valuable business.

While it is not realistic to believe that spouses who are business partners, and who are are ending their marriage, can ignore that fact of the divorce and carry on as if everything were “status quo.” There may be a way for the parties to salvage their business relationship and preserve the lifestyle to which they have become accustomed.

Without question, a highly contested and litigated divorce will result in “killing the golden goose”! The acrimony and time devoted to destroying one another will clearly result in the business suffering from neglect. That may ultimately deal a fatal blow to the business which will not be repairable.

However, by agreeing to proceed with a Collaborative Divorce, the parties may very well be able to reach a successful resolution of both their marital issues as well as those surrounding their business relationship.

The beauty of utilizing the Collaborative model is that nothing is off-limits. The parties along with their Collaborative Team can brainstorm and create options and solutions that will not only result in a spousal divorce that is respectful and fair, but also lead to the preservation of the very enterprise which allowed them to live the lifestyle they enjoyed during their marriage.

A Collaborative Team of trained attorneys, financial neutrals and divorce coaches can help the parties determine the best way to proceed, be it continuing the business together, buying out the other’s interest, or dividing the business into two separate entities.

In order to end a marriage with your business partner without resentment and suspicion and with a view towards preserving the “golden goose,” the Collaborative Process is clearly the most viable choice to achieve those goals.

The author, Lloyd Friedland, is a member of the Collaborative Divorce Resolutions law group of Long Island which is an association of attorneys, family specialists and financial neutrals specializing in the collaborative process. If you would like to learn how this alternative to traditional divorce litigation can work for you, feel free to contact Lloyd Friedland. Contact information along with a brief bio can be found on the author's profile page. Simply click or tap the author's image or the "View Profile" link on this page.

Filed in: After the Divorce,  Is Collaborative for You?

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