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Divorce and the family business in Rhode Island

Many Rhode Island couples pour their heart and soul into the family business. Building up a business from scratch is not always easy, but it is often a rewarding venture. And, many businesses are operated by husband and wife teams. That being said, it is a simple fact that some marriages in Rhode Island will end in divorce. When divorcing spouses own a business together, what happens to the business after their marriage has come to an end?

Fortunately, there are some steps spouses can take to make sound decisions during what is understandably an emotional time. For example, some couples may have considered this very situation ahead of time, and have created a prenuptial agreement to address this very issue. In addition, some couples may have drafted a buy/sell agreement when they decided to form the business, in order to protect the business should the marriage fail.

However, not every business-owning couple has taken these aforementioned steps. When they do decide to divorce, they may want to sit down together as soon as possible to discuss what to do with their business. It may be possible to reach a compromise on certain issues for the benefit of the business. To this end, mediation can be a useful tool. In addition, it can help to explore all other alternatives. There may be many avenues towards reaching a final decision regarding the business that is agreeable to both parties.

These tips may help Rhode Island couples who co-owned a business while they were married and are now facing divorce. Getting more information about Rhode Island family law can be an important step for Rhode Island business owners who want to create a prenuptial agreement or who need to learn about the options for what to do with the family business during a divorce.

Source: Entrepreneur, "6 Guidelines for Helping Your Business Survive a Divorce," Arkady Bukh, Sept. 30, 2015

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