Share
What Does Divorce Mean for the Family Business?
Family businesses are common, but so is divorce. Inevitably, this means that some of the couples who get divorced every year are also business partners. In fact, there’s a good chance that the business is one of the most valuable and expensive assets that they own together.
So, what happens to it when the marriage ends? Here are three potential options:
Nothing changes
First of all, couples need to know that they don’t necessarily have to change anything. They can become business partners and work together. Even if they get divorced, they can continue to share ownership of the company. This is often easy from a logistical or financial perspective, but may be more difficult for some couples from an emotional perspective.
Selling the company
One of the most common solutions is just to sell the business. After all, couples have to divide assets. But it’s hard to divide tangible assets and easier to split up financial assets. When selling the business, the couple can easily divide the earnings.
One person becomes the sole owner
The final option is for one spouse to take over the position as sole owner of the business. To do this, they have to buy out the ownership share held by the other spouse. Depending on the valuation of the business, they may be able to do this with financial assets or even other tangible assets during property division. They may also be able to take out a business loan or bring on other partners and investors.
Divorce can be complicated, especially with high-value assets. Couples who are going through this process need to know what steps to take.
CONTACT: Aislynn Thomas-McDonald
PHONE: (305) 503-0850
EMAIL: athomasmcdonald@kelleykronenberg.com
VIEW BIO
Aislynn Thomas-McDonald serves as Partner and Business Unit Leader at Kelley Kronenberg, where she focuses on family law and probate matters. Her comprehensive practice encompasses divorce, paternity, timesharing, child support matters, adoption, collaborative divorce, wills and trusts, guardianship, and elder law. Prior to joining Kelley Kronenberg, Aislynn established herself as a respected family law practitioner, earning an AV® Preeminent™ Peer Review Rating by Martindale-Hubbell®.
Aislynn strives to provide concierge support to her clients through understanding their objectives and goals, advising them honestly about the best course of action. She works to resolve issues without proceeding to litigation and then will advocate zealously when a case does move in that direction. Her commitment extends beyond legal practice through extensive community involvement and advocacy for domestic violence awareness, children's legal advocacy, and women's rights.
- Divorce and legal separation
- Child custody and timesharing
- Child support and alimony
- Prenuptial and postnuptial agreements
- Adoption
- Collaborative divorce
- Domestic violence protection
- Paternity matters
By joining Kelley Kronenberg, Attorneys at Law, in 2025, Aislynn is able to continue offering concierge legal service with the resources of a full-service large law firm. This combination provides clients with personalized attention backed by comprehensive legal resources and support.
Aislynn is dedicated to providing top-quality legal services to residents throughout South Florida and the Florida Keys. Her practice is based in Miami and serves clients throughout the region with both local expertise and broader legal resources.
To schedule a consultation with Aislynn Thomas-McDonald at Kelley Kronenberg, contact their Miami office. During your initial consultation, she will evaluate your specific situation, explain your legal options, and develop a strategy tailored to your unique circumstances and goals.
Throughout every case, Aislynn demonstrates sensitivity to both the emotional and legal challenges her clients are facing and works to reach terms that are agreeable to all parties. Your first meeting will focus on understanding your situation, discussing your objectives, and outlining potential paths forward with honest, practical advice.
Yes, Aislynn Thomas-McDonald is experienced in collaborative divorce, which offers couples a way to resolve their differences outside of traditional litigation. This approach focuses on cooperation, open communication, and finding mutually beneficial solutions while minimizing emotional and financial costs.
As a full-service law firm, Kelley Kronenberg provides access to specialists across multiple practice areas when family law cases involve complex financial matters, business valuations, tax implications, or other specialized legal issues that may arise during divorce or estate planning proceedings.
