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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Family Law
Satisfied Customers: 116711
Experience:  Experienced attorney: Family law, Estate Law, SS Law etc.
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The wife and I own a business, before the divorce I wish to

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The wife and I own a business, before the divorce I wish to buy her out, so as to make it simpler. What documents should we use. Or is this the right way to proceed?
Submitted: 2 years ago.
Category: Family Law
Expert:  Law Educator, Esq. replied 2 years ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
If she is agreeable to a buyout before the divorce, you should indeed do so. You need to use a purchase agreement which is simply a written agreement between the two of you that specifies the terms of the buyout and that she acknowledges that the price you are paying her is a fair and equitable price for the value of her share of the business. You both sign it in front of a notary and have it notarized. This does not have to be complex, it just needs to state what you are buying, all of her shares and interest in the company including all pending receivables and future proceeds and assets, and the price she is receiving and that she acknowledges it fairly represents her share of the interest in the business which she fully and forever releases.