Q: Divorce with business partner
We own a commercial property, it’s 50 percent mine/my wife and 50 percent my brothers / his wife.
My brother is getting divorced and now I am wondering how this will impact me. I have enough liquidity to buy him and his wife out but what if they don’t want to sell?
What are my options ?
Thank you
A: It depends on how the owners hold title … whether as within an LLC or as individual property owners. The process for resolution in these types of situations is mediation, since the "family" will continue regardless of the divorce … and it is often better, if possible, to engage a process that leads to a fully agreed upon resolution … let us know if you would like to know more about this mediation process … Shawn Jackson-Business Development Attorney
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