Entrepreneurs and divorce in Florida

While all divorces are stressful, those that involve business owners can be especially complex. A spouse who owns a business in their own name will need to be very careful about they end their marriage.

It is true that many couples opt to start businesses together. However, it isn't unusual for one spouse to go into business for themselves. While one spouse may be a sole owner of this business, the assets of the company may be a matter of contention during the divorce process.

In many cases, both spouses will benefit if there is an independent assessment of both marital and business finances. After an accurate valuation of assets and debts takes place, the spouses will have a better idea of their financial situation and may be able to begin an equitable division of assets. A forensic accountant can be hired to complete this process.

Another consideration is the fate of the business itself. Because the business may be treated as a marital asset, there is a risk that the other spouse may demand a share of it in the divorce. In some cases, it's possible for the partner who owns the business to retain control over all shares, agreeing to give up other assets in lieu of business shares. However, this will require a scrupulous business valuation.

A business owner who is going through a divorce could benefit from speaking with an experienced family law attorney. Legal counsel could review the circumstances of the divorce, including business liabilities and assets. From there, the attorney may be able to make recommendations regarding asset division, alimony and child support issues.

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Rachel Rall, Attorney at Law, P.A.
1723 Blanding Blvd.
Suite 101
Jacksonville, FL 32210

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