Are you ready to separate from your business partner? If so, it is essential for you to understand the three main routes you can take to resolve your business divorce. They are:
Negotiating directly with your partner is undoubtedly the quickest, easiest, and most affordable way to resolve your business divorce.
Once you work out important issues like company valuation and the transfer of responsibilities, all that’s left to do is sit down with a business attorney to formalize the agreement. If all goes to plan, your divorce could be resolved in just a few months.
If negotiating directly with your partner is proving to be a bit of a challenge, you can instead opt to resolve your divorce through mediation. Mediation is an interactive process where an impartial third party (a mediator) will help you and your partner resolve your differences and come to an amicable agreement. Your mediator won’t make any decisions regarding your divorce. They will merely act as a guide.
Mediation is almost always more expensive than direct negotiation (since you’ll need to pay the mediator for their time). A good mediator usually costs at least $150 an hour.
It also tends to take a bit longer. You can generally expect to resolve a business divorce through mediation in less than six months.
If you are unable to resolve your business divorce through direct negotiation or mediation, you’ll most likely need to litigate it. In other words, you’ll have to take your partner to court.
As you might expect, litigation is usually the most expensive of the three options. Between court fees and attorney fees, you’ll likely spend tens of thousands of dollars to resolve your divorce. Litigation also takes a lot of time. It is not at all unusual for business owners to spend more than a year litigating a business dispute.
If you opt to litigate your business divorce, you might also harm your personal relationship with your partner, since legal battles are often fraught with emotion.
Call The Frazer Firm for Help Resolving Your Business Divorce
Do you need an experienced business litigation attorney to help you resolve your divorce? If so, please don’t hesitate to get in touch with the team at The Frazer Firm in Jupiter, FL. We’ve been representing local business owners for years, and we are more than ready to go to work for you!
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