Determining Whether a Business is a Marital Asset and How an Attorney can Help
Marriage can be a pretty complicated thing. Whether you’re just now getting married, you’re in the midst of a marriage, or you’re ending it. Determining marital assets is just one of the wrinkles on the marriage, and it becomes all the worse if you are a business owner. One question married business owners have whether their business is a marital asset, and the specialists at the Law Offices of Matthew Z. Martell are here to explain how that works, and how a good family law attorney Sarasota can help deal with that.
Is my business considered a marital asset?
This question can only be reasonably answered depending on the relevant factors. For example, different states have different laws about how marital assets are defined, which proves to be one of the biggest complications. Make sure that you review the relevant laws in your state, just to prepare yourself for any discussion you have with a high net worth divorce lawyer Sarasota. In Florida, businesses that are formed during the marriage are considered marital assets, and as such, if you get a divorce from your partner, that business may have to be divided between the two of you. However, there are situations where the business may not be considered eligible to this process. For example, if you and your partner entered an agreement through either a prenuptial or postnuptial agreement that any businesses formed during the marriage are individual assets, you will not have to worry about dividing them.
While a business that is formed before the establishment of the marriage, that does not necessarily make it exempt from consideration. For example, a business may wind up increasing in value after your business is established, and a court may deem it eligible as a result. Inheriting a business is also its own can of worms that a divorce attorney Sarasota FL can help deal with.
How might my business be divided in a divorce?
There are multiple ways a couple may decide to deal with a business as a marital asset. One common method is for the owner of the business to pay their partner to give up their stake in the business. A buyout would require you to either have the money to actually do it, or if that fails, give up certain marital assets (such as part of their stake in the marital home). The latter may prove to be a poor choice if it would hurt you too much financially. Alternatively, if you are willing to continue having your ex-partner associated with your business, you may simply continue with them as a co-owner. This is not a common option, due to the fact that many divorces do not end amicably. If you can’t handle being together as marriage partners, you are not likely to get along as business partners. However, if it is an uncontested divorce, and you are still friendly with your partner, this may still be a viable option.
The final option is to simply sell it and split the assets. This may be good for the short-term, though if you think doing so would be bad for the long-term, you should be careful about doing this. Be sure to contact divorce attorneys Lakewood Ranch FL before making any of these decisions.
Pursue a lawyer who specializes in business assets as they relate to divorce
There are a lot of complications in dividing assets and working with Divorce attorneys in Sarasota is your best chance of having things go simply. You want to find a Divorce lawyer Bradenton FL who is as specialized as possible, ideally dealing with issues surrounding business assets in the divorce process. By doing so, you are more likely to have a positive outcome.
