It's official advice from a Lawyer.
Now its official. Do NOT go into business with a girlfriend or boyfriend. Statistically speaking, relationships last as long as sushi in the sunshine, and your business will be wrecked by the breakup. You may believe that you and your lover will be that one-in-a-million case that works out just fine. Take it from us, it won't. Business breakups which are caused by romantic breakups are the messiest and most costly types of business cases, since the emotional dynamics eliminate all of the rational economic analytics which normally make business liquidations and wind-downs relatively simple.
Business Valuation After Cheating
The value of his 30% of your business may be easy to calculate before he cheated on you with little miss what's her name. But now that he has proven what a dog he really is, it is going to cost him! Imagine how the valuation process, which is normally just mathematical, changes when it becomes emotional! The reverse problem occurs too. Initial valuations based on love and blind trust are equally skewed as well. In summary, do not get involved in business with a boyfriend or girlfriend. If you are considering doing so, speak with a business lawyer first.
Don't buy a house together.
And don't go and buy a home together, either. Buying a home is an investment and must be viewed as a kind of business partnership. If you are not yet married, even if you are engaged, do not buy the house together. Wait until the marriage is a legal reality, and even then, let some time go by and get used to one another first. Its official advice from an attorney. Why are we telling you this? Because we are the ones who must deal with the mess. The parties break up. Only one is on the loan, and they are not paying it. The other is leasing the place to their brother and pocketing the rent. The property is about to go into foreclosure. Oh, and everybody hates each other and cannot communicate. You can pay us a fortune to untie all the knots and sort it out, or take our excellent free advice first, don't buy a house with a girlfriend or boyfriend.