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What happens to a business that is jointly owned by a married couple if they get divorced?
Wiki User
∙ 17y ago
The matter would have to be resolved in the terms of the dissolution of marriage petition, division of marital property in accordance with the laws of the state where the couple are residents or in some cases where the property is located.
Wiki User
∙ 17y ago
Wiki User
∙ 14y agoIn a divorce without a prenuptual agreement, assets are almost always split 50/50 unless both parties in the divorce can agree otherwise. Therefore if together you both had 100% ownership in the company, after a divorce you will each have 50% of the company. One way to change this is for one person to conceed some other assets for a larger part of the company. Who ever has more than 50% ownership has control of the company BUT if, for example you have 60% and he has 40%, he would be entitled to 40% of the companies profits.
If you can't come to an agreement with the business, it is probably best to disolve the business and split up the assets and start the business over.
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