Many Florida divorces see relatively straightforward property division. Oftentimes the number of marital assets in play is limited and therefore easy to divide, and sometimes the parties involved are able to amicably settle the legal issues that divorce presents to them. There are still a significant number of divorces, though, that require quite complex property division. This is often especially true when a business is involved.
There are a few ways Floridians can handle a business when they divorce. One option is to allow one party to buy the other out and therefore become the sole owner. Of course, this requires significant financial resources, but it could be accounted for in the division of other marital assets. Another option is to simply sell the business and divide the profits equitably. This option needs to be carefully pursued, though, because timing can make a huge difference on a business’s sell price. A final option is to continue to jointly own a business with the now divorced couple running it together.
Many Florida marriages that involve marriages also raise questions as to whether the business in question is a marital asset in the first place. A business that was owned by one of the parties prior to the marriage may be deemed separate property and therefore not subject to property division, but this is only if the asset wasn’t comingled with marital assets. Also, oftentimes both parties to a marriage have a hand at running the business, which means that it will probably be considered a marital asset. Yet, this issue should be closely examined to ensure the right legal arguments are being made during the property division process.
Divorce can be an emotionally and financially trying time. Floridians sometimes find it difficult to make decisions during this time, which is completely normal. With all of the emotions involved it can become challenging to know whether one is making the right decisions when they are made. An experienced family law attorney can help see things from an objective position and advocate for a fair and favorable resolution, which is why it is often beneficial to work with these professionals.