Business Owner’s Divorce
Business Owner’s Divorce in Melbourne, Florida
Have you recently had a problem with your spouse? Are you trying to dissolve a business partnership? Having to choose between you and your spouse, as well as having to part ways with a business partner and friend, is never an easy choice. Arguments, bad feelings that last a lifetime, and children feeling the effects of their parents’ divorce are just a few things you can expect when divorcing.
At Figueroa Law Group, our Business Owner Divorce Attorney in Florida will work hard to make the dissolution of relationships more amicable. We work to be kind and understanding to our clients to make the situation less stressful for everyone involved.
Take advantage of our wealth of experience in family law cases by contacting us today. You will never regret investing in yourself, especially concerning such matters.
Why do I need a Business Owner Divorce Attorney in Florida?
Business Owner Divorce Attorney in Florida is a must if you own your own business. If you want to keep your business and protect your hard-earned assets, then you need to make sure that you have a lawyer who is experienced with family law involving businesses.
Figueroa Law Group has over three decades of collective experience handling Business Owner Divorces in Florida. We have successfully handled hundreds of divorces involving businesses and helped clients protect their business in their settlement agreements. We know that time is of the essence when it comes to separation or divorce, so we’ll take immediate action to ensure you get the results you need as quickly as possible.
With our Business Owner Divorce Attorneys in Florida, you’ll be dealing with an attorney who is up-to-date on the latest laws that might affect your situation. We’ll be able to help you with any complex matters that arise in family law, including
- Business Valuation
- Date of Separation
- Business Liquidation and Distribution
- Prenuptial Agreements,
- Equitable Distribution of Property
Contact us today for help with any legal issues. You can schedule an initial consultation by calling us or using our convenient online contact form.
What is a Business Owner Divorce?
The partition of property is a significant component of any divorce in Florida. According to state law, divorcing couples must share all marital assets equally, which means that the division of assets must be just given the circumstances. This frequently entails separating personal property, retirement assets, the family home, and bank accounts. When one or both spouses run a business, the process becomes much more difficult.
You need a knowledgeable Melbourne, FL, divorce attorney from Figueroa Law Group on your side if you or your spouse operate a business. The process of dividing a firm is complex; therefore, you should have competent legal counsel to defend your interests.
How Is a Business Valued During a Divorce?
Before you and your spouse can determine how much of your business you are entitled to, you must first determine its worth.
There are various approaches for determining the value of a business in a divorce:
- Income-based method – bases a company’s worth on its past, present, and expected future earnings.
- Asset-based method – bases a company’s value on the worth of its assets (less any business liabilities).
- Market-based strategy – assesses a business’s worth by comparing it to other comparable enterprises sold in a free market economy. An expert in business valuation will review previous sales of comparable companies. This strategy can be challenging if a company lacks comparable sales data.
Distribution of Equity in Florida
Marital and Nonmarital
According to Florida Statute 61.075, the property you and your spouse own falls into one of two categories: marital or nonmarital.
In particular, marital property often consists of:
- Individually or jointly acquired assets and liabilities during the duration of the marriage.
- The increase in value and appreciation of nonmarital assets resulting from the actions of either spouse throughout the marriage, the investment of marital monies or other marital assets, or both.
- Gifts are given between couples during the duration of their marriage.
- All vested and nonvested retirement, pension, profit-sharing, annuity, deferred compensation, and insurance benefits, rights, and assets earned during the marriage.
- All real property owned by spouses as tenants in the entirety, regardless of when it was acquired, is considered a marital asset.
- All jointly titled personal property acquired during the marriage is considered a marital asset, regardless of when it was acquired.
The Statute additionally specifies the following as nonmarital property:
- The assets and liabilities accumulated by either spouse before the marriage, as well as the assets and liabilities acquired in exchange for those assets and debts.
- Assets acquired independently by either spouse by gift (not between spouses or to spouses as a couple, but as individuals), bequest, devise, or descent, as well as assets acquired in exchange for such gifts.
- All income obtained from nonmarital assets throughout the marriage, unless treated, utilized, or relied upon as a marital asset.
- Assets and liabilities exempted from marital assets and liabilities by a valid written agreement between the spouses, as well as assets and liabilities acquired in exchange for those excluded assets and liabilities.
- Any responsibility incurred as a result of the forging or unauthorized signature of one spouse signing the other’s name. This liability is the sole responsibility of the spouse who committed the forgery or appended the unlawful signature.
Options for Preserving Your Business
Once a judge determines that a firm is a marital property, he or she will often divide it in one of three different ways. These consist of:
- Selling the company and sharing the revenues equitably
- co-ownership and operation of the firm with one’s spouse
- Valuing the business and purchasing your spouse’s share
Call Our Melbourne FL, Business Owner Divorce Attorney now!
Divorce is always difficult for any couple that decides to go this route. With a good Business Owner Divorce Attorney by your side, you’ll have a much better shot at getting what you want concerning asset distribution, support, and custody of any children. Figueroa Law Group has many years of experience dealing with these issues in Florida. We know how the law works in these matters, and we can help. You can count on us to provide initial consultations AND also complete assistance in all areas of your divorce. We’re more than a divorce attorney, we’re your dedicated team.