Going into business with a spouse is nothing uncommon. In fact the 2007 Census claimed that at least 3.7 million businesses are owned by a husband and wife time. But what happens when you and your spouse decide to divorce? A recent New York Times article about divorcing couples who continue to run their businesses together, and oftentimes do so successfully.
Agosthinho Ribeiro and his ex-wife Valerie Calistro met in law school in the ’80s and were married in the late ’90s. Together the two built a successful law firm, but their marriage was crumbling at home. The two divorced in 2006 and were faced with a serious question: Should we continue working together on the business after the divorce?
The two decided, despite what family members and friends suggested, to continue working together. Today they say that as business partners they work wonderfully together, and their business relationship continues to blossom.
Couples who continue to work together successfully even after they divorce cite respect and professional help as two of the biggest reasons they’re able to continue a successful business relationship. Transparency and business agreements help continue a successful work relationship after divorce as well as being honest and open with employees.
If you’re in a business relationship with a soon-to-be ex, consulting an attorney or a mediator can help keep the business successful. Agreements outlining your business relationship can help make the transition a much less painful one. Contact the Pellerin Law Firm to find out how we can help you make the difficult decisions that you face as a divorcing couple in a business relationship.
Source: The New York Times, “When Couples Divorce but Still Run a Business Together,” Bryan Borzykowski, December 5, 2012