I Own A Business In Pasco County That I Started Before I Got Married - If I Get Divorced Does My Spouse Get Any Of It?
In a divorce, any property that is owned by one spouse prior to the marriage is not considered marital property and will not be divided in a divorce. Therefore, if you own a business and you get married, that business itself should not be subject to the claims of a spouse.
However, it’s not always that easy.
Businesses often go up in value during a marriage, especially a long marriage. The increase in value in the business that occurs during a marriage is likely a marital asset, and could be divided in a business. There are a number of ways the business could be valued, depending on the type of business it is.
In addition, if one spouse worked a significant amount in the business and that’s what made the business increase in value, the court would take that effort into consideration when dividing the business.
Also, if one spouse’s efforts at home allowed the other spouse to put a huge effort into the business, resulting in an increase in its value, the court would also take that into consideration. You will need as much documentation as possible to explain the value of the business before the marriage and its current value.
In some cases, one spouse will buy out the other’s interest with other assets. In other cases you may be willing to give up a portion of the business in exchange for larger alimony payments. In rare cases, former spouses continue working in a business together. The way you choose to divide your business in Florida in the event of a divorce depends on a number of factors.