Ending a relationship is never easy, and things get even more complicated when you share a business with your ex-partner. Whether it’s a small venture or a thriving enterprise, figuring out what happens next can feel overwhelming. In this guide, we’ll walk you through the steps to handle shared business interests after an unmarried separation.
We’ll also provide resources like websites, books, podcasts, and services to help you along the way. You don’t need a business degree or legal expertise to understand this—it’s written in plain, simple language to make it easy for everyone.
Step 1: Assess Your Situation
Take a step back and assess the current state of your business:
- Who manages what?
- Is the business profitable?
- Do both of you still want to stay involved?
Talk openly (if possible) and list all business assets, liabilities, and each person’s contribution.
Step 2: Get Professional Advice
Involving professionals is essential to avoid future conflicts. Here’s who you should consult:
- A Lawyer: For legal guidance on ownership and contracts.
- Consider services like LegalZoom or Rocket Lawyer.
- A Business Accountant: To assess finances and split earnings fairly.
- Try online accounting platforms like QuickBooks (affiliate link).
- A Mediator: To resolve disagreements amicably.
- Check out Mediation.com for a directory of mediators.
Step 3: Decide the Future of the Business
You and your ex-partner have several options:
- Sell the Business
Split the proceeds based on your contributions. This is often the cleanest solution. - One Person Buys the Other Out
Use a professional valuation to decide the buyout amount. - Continue as Co-Owners
If the separation is amicable, you can set clear boundaries and keep working together. - Close the Business
If neither of you wants to continue, shutting it down might be best.
Step 4: Put Everything in Writing
Document your agreements clearly. A written agreement prevents future misunderstandings. You can use online tools like HelloSign or DocuSign for legally binding e-signatures.
Step 5: Focus on Emotional Recovery
Separating from someone you built a life with is emotionally draining, especially when a business is involved. Consider therapy or counseling to process your emotions. Online services like BetterHelp (affiliate link) offer affordable therapy sessions.
Resources to Help You Navigate Shared Business Interests
Websites
Books
- Splitting Up: The Financial Realities of Divorce by Larry A. Friedberg
- The Co-Parenting Handbook by Karen Bonnell (useful if children are involved).
Podcasts
- “Divorce and Beyond” – Offers legal and financial advice for separating couples.
- “Breaking Up With Your Business” – Focused on managing shared businesses post-separation.
Magazines
- Entrepreneur – Articles on business management and partnerships.
- Forbes – Guides for small business owners.
Tools & Services
- Business Valuation Tools: BizEx or Valuator.
- Accounting Software: FreshBooks (affiliate link).
- E-Signature Platforms: SignNow.
Internal Links
- Check out our blog on Navigating Property Division After Unmarried Separation.
- Learn more about Emotional Recovery After Separation.
- Discover how to Rebuild Your Life Post-Breakup.
Conclusion
Handling shared business interests after an unmarried separation can feel like a huge task, but it’s manageable with the right steps and resources. Seek professional help, communicate openly, and focus on your emotional well-being. Use the tools and services listed here to make the process smoother.
You’ve got this—and remember, every end is a new beginning.
