I am partners with my husband and another couple in a construction business.they are divorcing and want to buy out myself and th

That is a complicated question that would require much more information and likely the help of a financial advisor. I do not know what kind of partnership you are referring to but for purposes of this answer I will assume you are in a general partnership.

As you know, there are both benefits and detriments to being in such an arrangement. Partners under the Uniform Partnership Act by default have equal management authority rights in the partnership and a right to a pro rata share of the profits and losses the partnership business incurs. Unfortunately traditional general partners also incur full personal liability for the debts and liabilities of the partnership and may be subject to "phantom taxation" under the current rules of Subchapter K if the partnership incurs income during the year yet does not vote to issue distributions to each partner.

i would recommend contacting a business attorney for further discussion. He or she will likely want to know (1) what kind of partnership you are engaged in, (2) what the provisions of your partnership agreement are, if there is a written agreement, and (3) your financial and tax data. Likely he or she will recommend a professional business valuation opinion from an accounting firm that provides those kind of services so he or she can get a full picture of what kind of tax and financial consequences you will have in a buy-out.

NOTE: This answer is not intended to be legal advice and should not be construed in that way. This answer does not create an attorney-client relationship and no such relationship may be created absent a signed retainer agreement. The author is licensed in Illinois only, and his answer is for educational purposes alone.