Divorce court

Breaking up is hard to do, but when a husband and wife are also business partners, a whole new problem emerges.

Though the marriage may not be salvageable, the business can be. say local attorneys and accountants.

To avoid a custody battle over the business, divorcing couples who are business partners need to focus attention on the legal and financial implications for the future of the business, and try as much as possible to avoid getting caught up in the emotion of the breakup.

"The parties involved really need to have a plan of action in how they want to proceed with their lives," said Gaylene Stingl, a manager and certified valuation analyst at Scribner, Cohen & Co., a Milwaukee accounting firm.

Nationwide, about half of all marriages end in divorce, and Wisconsin tends to follow the national trend. In 2003,34,220 marriages occurred in Wisconsin while that same year, the state had 17,150 divorces, according to the Wisconsin Department of Health and Family Services.

In trying to map out the future of their business relationship following the dissolution of their personal one, couples should explore early on in the divorce process the pros and cons of staying in business together, said Barbara Burbach, an attorney at Burbach & Stansbury S.C., Milwaukee. Burbach suggested couples work with a team of professionals, such as divorce attorneys, business valuation experts and accountants, to address the legal, emotional and financial issues involved.

A COLLABORATIVE APPROACH

Attorneys suggested that couples who own a business together take a collaborative divorce approach to divide their marital and business assets. With such a process, both spouses agree not...