Divorce is never an easy process. This is especially true if the divorcing couple has children, or if they own a business. In fact, some may say that sharing a business is worse than sharing children upon marital dissolution—it can be a terrifying prospect to have to work with your ex long after the divorce is final. “The future of a business that both partners worked so hard to grow could be in jeopardy along with the jobs of local employees,” the Stamford Advocate reports. Yet not all divorcing couples have to call it quits when it comes to business. With the right legal counsel and a commitment to make it work from both sides, it’s possible for divorcing couples to salvage a shared business.
This is what happened for Valerie Calistro and Agostinho Ribeiro. According to the Stamford Advocate, “the pair met in law school, worked together as attorneys… and divorced in 2006 but have continued to work together.” Calistro told the Advocate that, “the pair realized that they could set aside their personal differences and still work together.”
This story, of course, is the best-case scenario. Keeping a business afloat during divorce is difficult for purely financial reasons—to do so when it involves the emotional aspect of divorce as well isn’t easy. According to Bloomberg Businessweek, divorcing couples that share a business may start out ok. It’s when one of the couples gets remarried that the trouble can begin. “When third parties get involved, they are the ones who object. It’s usually best to buy one party out of the business or sell it to a third part,” Bloomberg reports.
This isn’t the case for Calistro and Ribeiro, however. Ribeiro is actually remarried, and father to two children. If you are interested in keeping your shared business intact after divorce, the Advocate suggests, it could be of great help to bring in an executive coach to bridge the gap between staff, owners, and attorneys.
If you or someone you know is considering divorce in Fairfield County and have questions about keeping a shared business, the most important step is to seek the counsel of a divorce attorney. Contact Lovejoy & Rimer for an initial consultation today.