As a business owner, there is likely little you wouldn’t do to protect the success and reputation of your company. After all, this is a business you’ve built from the ground up, giving it everything to help your dreams come true and provide your clients with the best possible products or services they can receive. However, when you and your spouse decide to file for divorce, you may be anxious about the future of your company. Understanding the potential outcomes and steps you may be able to take to protect your business is critical. The following blog and Tampa property division lawyers can help you determine the best possible outcome for your unique situation.
How Is a Business Handled in Florida?
When you file for divorce in Florida, understanding what can happen to your business is critical. In general, you’ll find that the first matter that must be determined is whether your business is considered separate or marital property. Typically, you’ll need to first determine when you assumed ownership of the business. If this occurred after your marriage, the business will likely be considered marital property and thus subject to distribution. If you established the business prior, it will likely be considered separate property. However, you should note that if you used marital funds to expand your company or your spouse contributed to the growth of the business, it can then be deemed marital property, and your spouse would be entitled to a portion of the funds.
If this asset is deemed marital property, it’s imperative to understand that you have options. One such option is to buy out your spouse’s share of the company, while another is to offer assets of equal or greater value in exchange for their share. You may also need to sell the business and split the profits in accordance with how your assets have been distributed, or, if you and your spouse are on amicable terms, continue to run the company as co-owners.
What Steps Can I Take to Protect My Assets?
Generally, one of the most important things you can do to protect your separately owned assets is to establish a pre- or post-nuptial agreement. These, created before or after marriage, respectively, can help outline what property belongs to each spouse. This means that the determination of dividing assets during a divorce is much simpler and grants each party considerable protection for their assets.
While the opportunity to create a legal document protecting your business may have passed, you can still take steps to protect this asset while filing for divorce. Generally, one of the most important things you can do is connect with an experienced attorney with Tampa Law Group. Our firm understands how difficult these matters can be to navigate on your own, which is why we will do everything in our power to help you seek the best possible outcome. Connect with us today to learn more.
