How Will My Business Be Divided In A Divorce?
Filing for divorce can be overwhelming, especially where there are important assets involved. Luckily, you do not have to navigate this process alone, the HAWM Law lawyers can help you dissolve your marriage legally and protect your assets so that you can move on with your life. For entrepreneurs, a divorce can mean losing a significant portion of their livelihood. When a business is involved in a divorce case, it can be complicated to determine how it will be divided between spouses. We will zealously advocate on your behalf, ensuring that your interests are protected and that you are awarded your fair share of all assets.
What is Equitable Distribution?
Florida is an equitable distribution state, which means that marital assets and liabilities are divided fairly but not necessarily equally. This means that the court will consider several factors to determine how the business will be divided. These factors include:
- Contribution To The Business: The court will look at how much each spouse contributed to the business during the marriage. This includes financial contributions, as well as non-financial contributions such as sweat equity and time spent managing the business.
- Value Of The Business: The court will also consider the value of the business. This may require a business valuation by an expert, who will evaluate the business’s assets, liabilities, and potential for future growth.
- Length Of The Marriage: The length of the marriage is also a factor that the court will consider when dividing the business. If the business was started before the marriage, the court may only consider the increase in value during the marriage.
- Economic Circumstances: The court will also consider the economic circumstances of each spouse, including their income, assets, and liabilities.