Protecting Your Business During Divorce in Florida
When a couple divorces in Florida, their debt and marital property—the property they have accumulated and shared during their marriage—becomes subject to equitable distribution. Sometimes, marital property includes a business that the couple started together or, alternatively, one spouse started either before or during the marriage and continued to grow during the marriage. Under these circumstances, the business will likely become subject to property division unless you take steps to safeguard it.
At Family Matters Law Group, our divorce attorney in Broward County understands the blood, sweat, and tears you put into starting and developing a business. We know you don't want to compromise that hard work in any shape or form. There are steps you can take, and our divorce lawyer will explain how to protect your business during a marriage or during a divorce. Call us at 954.904.1020 to set up a Strategy Session today.
How Will a Divorce Affect My Business in Florida?
A divorce can impact every aspect of your life, including your business. How your business is affected will depend on several factors, including the law of the state that has jurisdiction.
Florida uses equitable distribution when dividing property. Property is divided fairly between the parties, although not necessarily equally. Even so, it is likely you will be expected to give up at least part of the business or its value to your spouse.
Other Factors to Consider
-
Who Owns the Business?
- Did you or your spouse inherit the business from family?
- Is it clear that only one spouse supported and worked at the business?
- These considerations help determine how a business will be divided in a divorce.
-
When Was the Business Started?
- If the business was formed prior to marriage, some states will maintain that it remains separate property.
- However, any increase in the value of the business during the marriage, particularly if it can be attributed to the investment of marital funds or the efforts of either spouse, could be considered a marital asset subject to division.
Navigating the complexities of business division during divorce requires detailed financial analysis and valuation to ensure a fair distribution. Our experienced attorneys specialize in guiding business owners through the intricacies of divorce proceedings, ensuring the protection of their marital and nonmarital assets. Let us help you manage the legal aspects of your divorce with confidentiality and expertise, safeguarding your hard-earned success.