What Happens When Married Business Partners Divorce in Florida?

What Happens When Married Business Partners Divorce in Florida?

Family law matters, including divorce, should be handled as seriously as possible. In some cases, more than a marriage is on the line – an entire business is. In these cases, Robert Sparks Attorneys will stand by your side and offer you the support that you need to get the best results out of your divorce case. We recognize that divorce can have a huge impact on your business, which is why we will stand by your side every step of the way. Contact us today to schedule a family law consultation that can help you get started on this process.

When Married Business Partners Decide to Divorce

In the midst of a Florida divorce, marital property of any kind is subject to division. Under Florida law, marital property includes the assets and debts that you have acquired during the entirety of your marriage. Many couples form their business during their marriage but it is possible that you had the business before you married. Under Florida law, it could still be considered marital property in both of these scenarios. This is due to the fact that, when a business is involved in a marriage, it tends to supply the household with financial support to some degree.

Once it is determined whether or not the business is a marital asset that is subject to division in Florida, the court must work to determine how much the business is worth. Financial experts will generally come together so that they can properly value the business. After the business has been valued, you may wonder how it will be divided amongst you and your spouse during divorce.

How You Can Divide Your Business in Florida

There are several ways that your business could be divided in Florida in the midst of your divorce. These include the following:

  • A Buy-Out: Buy-outs take place when a spouse who is interested in keeping the business running will buy the other spouse’s half of the business from them. This is one of the best ways for a spouse to continue running the business without interference from the other spouse following a Florida divorce.
  • Co-Owning the Business: You and your former spouse may decide to jointly own the business together even after a divorce takes place. In many cases, co-ownership is not viable due to the problems that cause a couple to divorce in the first place. However, sometimes two people find it in their best interests to continue running the business that they built together.
  • Selling the Business: The third option for spouses is to sell the business so that proceeds from it can be divided amongst both parties. Though it can be time-consuming to find a buyer, it may be the best option that works for you.

Contact a Tampa Divorce Lawyer Today

At Robert Sparks Attorneys, we understand that there are many advantages and disadvantages that a couple should consider concerning their business as they face divorce. Luckily, our Tampa divorce lawyers are here for you during this difficult process. Speaking with an attorney is one of the best ways to get the advice that you deserve so that you can move forward with a divorce with less stress on your plate. We are here for you along the way. Please contact us today for a family law consultation.