In the early years of your marriage, you and your spouse opened a gift shop that attracted local Floridians as well as tourists.
The shop has enjoyed much success. However, now that you are facing divorce, what will become of your family business? Here are three options to consider.
Sell the gift shop
Your first thought might be to sell the business, giving both you and your spouse a fresh start by splitting the profits. You begin this process by engaging the services of an appraiser who can assign the appropriate value to the business. Keep in mind that unless you know of a potential buyer, the gift shop might not sell right away. That means you and your spouse may have to work together longer than you anticipated.
Perform a buyout
If you are the owner most emotionally and financially connected to the business, consider buying out your spouse. Once again, you will need a valuation in order to arrive at the proper selling price. If funds for the buyout are not readily available, you might establish a payment plan or agree to offer like assets during property division.
Continue as co-owners
If you and your spouse believe you could go on working together once the divorce is final, continuing as co-owners might be the best solution. However, if you are facing a dissolution of your marriage that is less than amicable, continued co-ownership probably would not work.
The gift shop is a major asset. Take some time to consider your options, seek professional guidance and visualize how you would like your personal and business life to evolve once the divorce is behind you.