Tampa Complex Business & Divorce Lawyer
Divorces can be complicated, especially when there are complex assets involved. When one of the spouses has a closely-held business or professional practice, splitting it up in a divorce can be difficult, to say the least. This is especially true if there are other partners involved.
Like most states, Florida is an equitable distribution state. This means that all marital assets must be identified, categorized, valued, and fairly divided between you and your spouse in a divorce.
So what will happen to your business in a divorce? Will your ex-spouse own half of it? Will you have to buy them out? Will you have to sell the business? Westchase Law can answer your questions about business valuation and division. Contact our experienced Tampa complex business & divorce lawyers today to learn more.
Protecting Your Business in a Divorce
When you are married, you should take the appropriate steps to protect your business in the event of a divorce. Even if you started your business before you got married, at least a portion of it will be considered marital and subject to split in a divorce.
The main thing you should do is keep your personal life and business separate. Have separate business accounts, for example, and use your business account for business-related purchases. Do not use your personal or joint account.
It’s also a good idea to have a prenuptial or postnuptial agreement in place to provide details on what will happen to the business in the event of a divorce. For example, you could decide to keep 100% of your business and give your spouse another asset of equal value. If you don’t have one of these agreements in place but have partners in your business, then you should, at the very least, have a partnership agreement in place detailing what might happen in the event of a divorce.
This is a complex area of property division, so ideally, you should consult with a lawyer before making any decisions. Your lawyer can give you advice about strategy and options.
How Are Businesses Divided?
Marital assets are valued, with the value split fairly between you and your spouse. If your business is a marital asset, it will be divided in this fashion.
But how do you split a business with your former spouse? The courts generally will not force former spouses to work together in a business, so what will happen is that the owner spouse will be awarded the business, while the other spouse will be awarded half the value of the business. The non-owner spouse could technically ask for the entire business in the divorce, but this is unusual.
Contact Westchase Law Today
Businesses and professional practices are complex assets that are difficult to split in a divorce. Without any agreements in place, things can get messy.
The team at Westchase Law can bring in accountants, appraisers, and other experts to obtain a proper valuation for dividing your business and other assets. Schedule a consultation with our Tampa complex business valuation & division lawyers by calling 813-490-5211.