Is My Company in Jeopardy During My Divorce?
If you run your own business in Sarasota, Bradenton, Lakewood Ranch, or Venice, Florida and are planning a separation you will be concerned about how divorce will impact the business. Below are ways to ensure your company is not in jeopardy during the divorce.
How Company Assets are Separated During a Divorce
One way your divorce may affect your business is your new relationship status. If you and your spouse were business partners, how will the divorce affect day-to-day interactions?
The business is oftentimes considered marital property and you could be ordered by the court to give part of it up. Besides the business, other assets you own may also need to be split between you and your spouse. An attorney will advise you of other options to giving up half of a business you worked so hard to create. If the two of you own other valuable assets; such as a second home, collectibles, or stocks, you might be able to convince your ex into taking possession of these assets in lieu of part of your business.
Sometimes the judge will order for the business to be liquidated with the proceeds divided between you. Of course, this option is the least favorable one. This is particularly true if you need your business to continue paying your bills. Therefore, you will probably need assistance from one of the best divorce lawyers in Sarasota, Bradenton, Lakewood Ranch, and Venice, Florida such as Attorney Matthew Z. Martell.
How a Business is Divided
If both divorcing parties founded the business, then the judge will normally order it to be split equally. The process of splitting a business is referred to as “equitable distribution”. The business is listed on the divorce paperwork as either marital or separate non-marital property. The business is then given a value, and the court decides how it will be split amongst Husband and Wife.
There are three options a divorcing couple has when it comes to dividing a co-owned business. The first option is called a “buyout”. In this case, the spouse wanting to keep the business pays the other spouse for their interest in the company. The next option is the business is not separated at all. Both parties come to an amicable agreement to continue being co-owners of the business. If the parties involved are on good terms, this is usually the best option for all involved. Finally, if these two methods prove to not be viable then the last option is to sell the business and divide the proceeds between parties. Obviously, this option has its problems. First, there is the issue of what the business is worth. One spouse may think it is worth more than the other does. Once a price is agreed upon, there is the issue of finding a buyer. This can be difficult, particularly if the business was not doing well. A highly rated Sarasota, Bradenton, Lakewood Ranch, and Venice, Florida divorce attorney like Matthew Z. Martell, Esq. can help you choose the best option.
How a Divorce Attorney Can Help You
You need one of the best experienced divorce lawyers in Sarasota, Bradenton, Lakewood Ranch, and Venice if you own a successful company and are getting a divorce. The Law Offices of Matthew Z. Martell, P.A. is the right divorce law firm to help get you the outcome you desire. Sarasota Family Law attorney Matthew Z. Martell makes you and your business his number one priority. He does not want to see all of the hard work that you put into building your business end up being a lost just because your marriage didn’t work out.
If you are looking for one of the finest divorce lawyers in Sarasota County and Manatee County who will fight for you and your business, then contact The Law Offices of Matthew Z. Martell, P.A. Attorney Matthew Z. Martell is one of the best divorce attorneys Sarasota, Bradenton, and Venice, Florida can offer. Give us a call today at (941) 556-7020 to schedule a phone Initial Consultation. We are the divorce attorneys Sarasota, Bradenton, and Venice, FL residents can count on for a successful outcome!
