Dividing Business Interests in a Divorce
Owning a business with your spouse can be a lucrative and rewarding prospect. However, what happens if you decide to get a divorce? Will you lose your marriage and your livelihood? Divorce is already complicated enough, and it becomes even more so when spouses share a business. This is why having a divorce attorney to protect yourself and your assets.
In Florida, the law requires spouses to divide all property and assets equitably, and this includes any business interests. Equitably does not mean “equal,” so the law does not require you to divide your company down the middle. Instead, you need to come up with a property division plan that is fair given the totality of your circumstances.
There are different options for dividing a business in a divorce, including:
- Letting one spouse have the business if the other spouse gets a larger share of other property, such as a house
- Having one spouse buy out the other and continue running the business alone
- Selling the business and dividing the profits
- Continuing to run the business together
The best option for you will depend on several factors, such as:
- Your financial situation and one spouse’s ability to buy out the other
- Whether you might have other business prospects if you gave up your role in the company
- Whether you have other assets or property that could sufficiently offset one spouse keeping the business
- Whether you and your spouse can get along well enough to continue to work together
Discuss Your Case with a Divorce Lawyer in Seminole, FL Right Away
The Law Office of Julia J. McKee, Esq. handles complex divorce cases, including situations involving shared business interests and high-worth assets and property. We aim to handle such cases as efficiently as possible while still protecting the interests of our clients. Call 727.266.5783 or contact us online to schedule your appointment to discuss your options.