Moving on from your business during a divorce

If you decide to move forward with divorce, it will have an impact on your personal and professional life. This is particularly true if you own a business with your soon to be former spouse.

There are many ways to move on from your business during a divorce.

If possible, you may want to consider selling the business. While you will have to split the proceeds with your ex, it is better than nothing at all. It is never easy to sell a business, especially when you are tied up with so many other details, but it is something to look into as you proceed with the divorce process.

Your other option is simple: Close your business and leave it in the past forever.

If you make the decision to close your business, you must understand how to dissolve all registrations. The way you file your dissolution depends on the business structure. For example, if you own a corporation you can file through a lawyer, file by mail, or file online.

Note: If you have a business number, you need to notify the Canada Revenue Agency as well.

Just because you are faced with divorce does not mean you have to close your business. However, there are times when this makes the most sense. It is often easier than attempting to work together or taking the time to sell.

If you are faced with this difficult decision, take the time to learn more about selling a business, closing a business, and the impact both decisions will have on your situation.

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