Businesses In Divorces

SARASOTA, BRADENTON AND VENICE FLORIDA LAWYER OFFERING GUIDANCE ON BUSINESSES IN DIVORCE

The tricky business of determining whether a business is a marital asset

Divorce is a difficult process. If there is a business relationship between spouses, then it becomes more difficult. When it comes to a marital business, basically the divorce gets even more complicated. Under Florida law, a business is treated like an asset. The question is: whose asset? Inevitably, when business owners come to our Sarasota, Bradenton, and Venice, Florida divorce law firm, they want to know how their business will be viewed when it comes to equitable distribution of property.

The business is separate if:

The business is a marital asset if:

Furthermore, if the income derived from the business was used to support the marriage, the business may be characterized as a marital asset.

What is the value of the business?

Business valuation considers a number of factors including real estate, bank accounts, account receivables, machinery, equipment, inventory, and customer lists among other items. There are three different methodologies used here for arriving at the value of a business:

What’s next?

Assuming that you and your spouse have already agreed upon how to divide marital property, including your business, in mediation, or alternatively if neither spouse is contesting the ownership or the value, then the Court will make an award. The business may be awarded to one party wholly or it may be divided between the parties.

Put your business in our hands

We have helped clients throughout Sarasota, Bradenton, and Venice, Florida deal with businesses in a divorce and we are here to provide you with the legal guidance you need. For more information and to schedule a free 30-minute consultation, please contact our office or call us at (941) 556-7020.

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