Division of a Business in Divorce
Navigating a divorce in Florida is rarely a straightforward matter. For people who own a business, the complexities of divorce amplify.
At Michael E. Golub, P.A., we have extensive experience helping businesses owners throughout central Florida resolve divorce-related issues. Our team takes a thoughtful approach when working with our clients. We focus on finding answers that protect the well-being of your business.
When Are Businesses Marital Property?
There are two types of property in Florida: separate and marital. Separate property includes assets and debts that a spouse acquires outside of the marriage.
Marital property includes assets and liabilities that the couple accumulated during the course of their marriage. Courts divide these assets equitably between both spouses.
It is common for the non-owner spouse to make a claim that the business is marital property. The courts will need to decide whether the business will be included in the divorce. An increase in the business’s value during the marriage could make those interests marital property. If the non-owner spouse contributes financially to the business, that will give the nonowning spouse a strong claim to the business.
What Options Do Business Owners Have?
When a business is included in a divorce, the couple may consider several options during the asset division process. These choices may include:
- Co-ownership – Both spouses may continue to own and operate the business together
- Buyout – One spouse may opt to buy the other spouse’s interests in the business
- Sell the business – The couple can choose to sell the business and divide the proceeds
If disputes arise when determining how to divide a business, our attorney is a skilled family law mediator. He has helped individuals find answers solutions to their conflicts, allowing both parties to move forward in a positive, collaborative atmosphere.
Guiding Florida’s Business Owners Through Divorce
Business owner who are preparing for divorce should contact our lawyer. From our Tavares office, we are prepared to provide trusted advice throughout the divorce process. Email our team or call us at 352-742-7777 to schedule a free 30-minute meeting.