Started A Business With My Spouse In Pasco County And Now Getting Divorced - What Happens To The Business?
Frequently, a divorce between two spouses who run a business together can be disastrous for the business. By law, any business that was purchased or started during a marriage in Florida is a marital asset. However, if the business was purchased with funds that were non-marital funds, the business may not be considered as a marital asset.
When a couple divorces in Florida, all marital assets, including the business, are divided equally unless the court finds there’s a justification for unequal distribution between the spouses. If one spouse wants to keep his or her ownership in the business separate from any claim from the other spouse, the court will take that into consideration.
When dividing the business, the court must consider each spouse’s contribution to the business. If the business was started during the marriage with marital assets, but one spouse did all of the work to grow the business, the court will take that into account when deciding on the distribution of the business. The court will consider the business’s fair market value, and whether or not marital funds were used to enhance the value of the business.
As you can see, there are no hard and fast rules when it comes to dividing a business during a divorce. It’s important that if you are a business owner and are contemplating a divorce, that you have an attorney fighting for your rights. An attorney can help you with analyzing and presenting the facts about the business to the court in order to show why you should be entitled to take certain actions with your business.