Divorce and Business Interests Law in Florida
When couples divorce and one spouse owns a business or both spouses work in a business, that business may have to be divided between the spouses. How does the court address divorce and business interests? First, one spouse can buy the other spouse out of the business interest in the divorce. What if that spouse doesn’t have enough available capital to buy the other spouse out of their business interest in the divorce?
A court can award other assets in the marriage to the divorcing spouse who is not receiving the business interest. How will a court attribute value of a business interest in divorce? There are a variety of ways that can be used to value a business interest in divorce. A forensic accountant is utilized to value business interests in divorce- this is an art and accountants used by lawyers can come up with a variety of valuations some higher and some lower. Many factors go into valuing business interests in divorce such as whether it is primarily a personal service business i.e. doctors and lawyers or a business that anyone can do i.e. selling goods and merchandise.
A business created during the marriage is presumed to be marital property and would normally be split 50/50. However, the law favors the continuation of the business and divorce courts will attempt to give the business to the spouse more likely to keep the business running. As discussed above, the spouse keeping the business after the divorce will be ordered to buy the other spouse out of their share of the business interest. Another alternative to awarding other assets to buy a spouse out of their share of the business interest, is a payment plan from income from the business. The key issue in divorce and business interests is the value to be placed on the business.
If you are getting a divorce and business interests are at issue it is important that you hire a lawyer with experience in divorce and business interests such as Filler Rodriguez LLP. If you want lawyers who will work to get you what you deserve in your divorce and business interests are an issue, call the lawyers at Filler Rodriguez, LLP today 305.672.5007.
Divorce Attorney Miami, Coral Gables, Coconut Grove, Miami Beach Florida