What Happens to My Business in a Divorce?
One of the most complicated elements of a divorce can be when a couple operates a family business, and especially if it began before the marriage date. Property division is a central issue with most divorces, but each asset must be evaluated on its own merit. A successful family business would easily be one of the most valuable assets of any marriage and reaching an amiable agreement on disposition at the time of the divorce can be contentious to say the least. Having the right attorney throughout this element of the divorce is vital for any spouse wanting to protect their investment in the family business, and an experienced divorce attorney Sarasota from the Law Offices of Matthew Z. Martell, P.A. can step in during the litigation process.
Determining Ownership
Any claims on business ownership will include a few factors. One will be when the business actually began. Spouses who had an established business before the marriage would have general ownership in most instances, but any income generated with the business operation during the marriage would be marital property. All businesses have specific value as well, and any financially measured growth in the business could be an asset also. Prenuptial agreements made prior to the marriage can also affect the outcome of a business disposition in a divorce.
Potential Settlements
While some divorcing couples may own a business that they continue to operate after a divorce, normally one spouse will pay the other a settlement that allows for the determined value of the business. Businesses may also close or be taken into receivership when they have not been successful. The details of the separation and total family asset level will often determine how assets will be divided in addition to the other components of a divorce decree.
Contact a Business Divorce Attorney
Always consult with a divorce attorney Sarasota when a family business is part of your Florida divorce case. Call the Law Offices of Matthew Z. Martell, P.A. to obtain comprehensive legal representation for you and your business during your divorce.
