I came across this great Q&A article by Jo Malone in the Evening Standard yesterday. Increasingly I act for divorcing clients whose main source of income comes from a business they run with their spouse. Jo's advice is spot-on and worth a read for anyone in the midst of not only a personal but also, of necessity, a business break-up.
Ask Jo Malone: How will a divorce affect a family-run business? Small business agony aunt Jo Malone on how to keep a relationship break-up affecting a family-run business. Dear Jo I started my successful packaging firm with my wife seven years ago and now have 30 employees. But we’ve decided to split. It’s pretty amicable but we run the business in tandem. Do you think it’s wiser for one of us to step back and sell up or attempt to continue at the risk relations could sour? Jo says.... A small business often feels and works like a family. However, as the founder, do your best not to allow your private life to affect your professional judgment.... Ultimately, you both need a good lawyer to work out the legal implications, especially if you decide to separate the business.