I Own A Business In Florida But Want To Get A Divorce. Will My Spouse Be Entitled To A Share Of My Business?
If your primary asset is your business, you may choose to stay in a bad marriage because you are too scared about what will happen to the business in a divorce. However, rarely is it worth staying in a marriage for the sake of the business. Skilled divorce attorneys and/or mediators can help to figure out a solution that will fairly divide the business but also allow it to stay afloat if that’s what the spouses want.
The court will determine which assets are the separate assets of each spouse during the divorce proceedings and which are marital assets. The separate assets are usually assets that were owned prior to the marriage or were acquired through inheritance and were kept separate. The marital assets are joint assets, and are often split 50/50, although sometimes the split is not equal if the court determines that split should be unequal in order to reach a fair result.
The court will examine the business to determine whether it’s marital property or separate property. If it was started during the marriage, it will most likely be marital property, even if it’s only in one spouse’s name. An expert can help determine the value of the business. The parties then have three options - the business can be sold and the proceeds split; one party can buy the other out; or the parties can continue owning it together. If the business was started before the marriage and subsequent divorce, an expert can determine what the business was worth on the wedding date and what it is worth now. Any excess is considered marital property, and can be divided.