Couples who own a business in Oklahoma could face a lot of issues if they decide to divorce. Most of the time, one spouse keeps the business and buys the other out. However, there are cases in which both spouses continue running the business together. This requires a high level of cooperation.
A partner with sufficient liquidity can buy out the other spouse. Usually, this is not a taxable event because of the divorce. People who lack the necessary liquidity can structure payment over time with a settlement note. A third option is for the company to purchase the spouse’s shares. This should be planned with an eye toward avoiding hefty capital gains taxes.
If both spouses decide that neither of them is interested in continuing to run the company, they could sell it. However, unless the business sells fairly quickly, this could lengthen the divorce process. While the business is on the market, the couple still must decide whether one or both of them will continue running it.
The divorce process may involve a number of difficult decisions about property division. Couples can sometimes work toward an agreement by negotiating with the assistance of their attorneys outside of court. This allows them more control over the final agreement than litigation, and it may also be less expensive and time-consuming. Whether a person is going into divorce negotiations or litigation, organizing financial documents and understanding what will be needed financially after the divorce can help. An attorney may also be able to help keep the person focused on post-divorce financial goals despite the emotional aspects of the process.