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Frank and Jamie McCourt, co-owners of the LA Dodgers (though that’s being debated) remain embroiled in their nasty divorce battle. This time, a 1,423-page court document filed by Jamie reveals just how they avoided paying Uncle Sam ever since they purchased the Dodgers in 2004.  What they did isn’t illegal.   (more…)

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by Lynnette Khalfani-Cox, The Money Coach

Financially Fit | Tips from The Money Coach, Lynnette Khalfani-Cox

Financially Fit | Tips from The Money Coach, Lynnette Khalfani-Cox

The owner of the Los Angeles Dodgers, Frank McCourt, is in divorce talks with his wife Jamie, the CEO for the team. This power couple is one of 1.2 million husband-and-wife teams who run a business together, according to the National Federation for Independent Business. And when couples split, often so can the business.

John Moores sold the Padres earlier this year as a result of the petition for divorce his wife, Becky Moores, filed a year earlier. They then divvied up the proceeds.

It is rare that couples who divorce can remain doing business together. So, what should you do with your business assets if you divorce from your spouse with whom you do business? Here are some tips for how to handle your joint business if you divorce.

Buy the other spouse out. This is a good choice if one spouse started the business, or is more passionate about it. You can trade his or her stake for other assets, such as equity in the home or a greater share of the retirement accounts. Or you can take out a loan to pay cash.

Sell it and divide the profits. Some small businesses are tough to sell, especially in today’s economy, but if the company operates profitably, then it’s possible to find a buyer. Start seeking buyers sooner rather than later before any divorce animosity can tour the business sour.

Split it in two. This only works well if the company has separate units that can be spun off from one another. If you go for this option, you may want to have a valuation done to determine the worth of each unit. Because once the company is split and the divorce is final, it will be a lot harder to go back and make a vv other business if yours fails and your ex-partners takes off.

Speed up the succession plan. Since many family businesses often name children as successors, a divorcing couple with adult children may be able to choose this option. Each spouse could possibly stay on as a silent partner with a small stake in the business, so long as you are willing to let your children run the business. This is hard to do even when divorce is not part of the picture!

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, television and radio personality, and the author of numerous books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Related Poll: Would you stay in business with your ex? Click here to answer.

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Dodgers Baseball Divorce_Brad Dickinson

Baseball’s leading power couple may be headed for a divorce. Frank McCourt, the Los Angeles Dodgers’ owner, and his wife,

Baseball's power couple will have to decide if they will continue business together after they divorce

Baseball's power couple will have to decide if they will continue business together after they divorce

Jamie, the team’s CEO, are in the middle of divorce proceedings, according to multiple major-league sources.

“This is a personal matter and they request that their privacy be respected,” according to a press release issued on their behalf late Wednesday.

The timing of the announcement comes on the heels of the Dodgers winning their first back-to-back division championships in 31 years, with more games to come.

This leads some to question how the marital split might effect the team. John Moores sold the Padres earlier this wife as a result of the petition for divorce his wife, Becky Moores, filed a year earlier.

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