Staying in Business

About 3.7 million businesses in the United States are owned by husband and wife teams, according to the Bureau of the Census, so many of these businesses are going to be involved in divorce settlements at one time or another.

Here are a few considerations that a couple must make when end a marriage but a save the business they worked hard to build. The spouses need:

> Mutual respect earned through open communication, predictability and compassion.

> Professional, therapeutic help because the divorcing spouses cannot take time off to mourn the death of their marriage.

> A written agreement (if one isn’t in place already) that outlines how the business will be run, how each party will be compensated, how decisions will be made and what happens in certain circumstances like incapacitation.

> A good talk with employees, letting them know what is happening and reassuring them that business will continue.

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