If one of the marital assets you and your spouse own in Massachusetts is a family business, what happens to it when you divorce likely will become a major issue. If you are like most couples, your family business represents not only your greatest asset, but also the one that provides most, if not all, of your family income. Consequently, how you split it up undoubtedly will have lasting consequences for both of you.
Forbes reports that divorcing couples usually have the following three options when it comes to splitting up their family business:
- Sell it and divide the proceeds
- One spouse buys out the other spouse
- You both continue to own the business