No single best way exists to determine how to divide a family business equitably when settling a Florida divorce. Whether the divorcing parties negotiate their settlement issues out of court, or even they need a judge to make decisions for them, distribution issues pertaining to a business are as complex as business itself.
In general, the Florida property distribution laws are relatively straightforward. Under statute 61.075, the law sets apart the marital assets and liabilities and then attempts to divide the rest of the items equitably based on numerous considerations, such as:
- The length of the marriage
- The degree to which each spouse contributed to the marriage
- The economic circumstances of each party
- Contributions made by one spouse to the education or career of the other
In some cases, a family business that was originally owned by one spouse prior to the marriage can revert back to its original ownership after divorce, possibly with some compensation granted to the other party in the form of a cash payout or spousal support. However, the issues quickly become more complicated when a married couple starts a business together, with both spouses actively participating in its day-to-day operations. Circumstances like these generally require an accurate assessment of the current assets and liabilities, as well as a forecast of anticipated future profits or losses.
For these and other reasons, a Boca Raton divorce attorney with extensive experience in property distribution issues often recommends enlisting help from a business professional who can identify the unique issues in your business. After a full audit of the business, these individuals can recommend anything from selling the business and splitting the proceeds to making arrangements for a buyout by one spouse.
Even though family businesses introduce significant complexity to the division of assets in divorce, equitable settlement is possible with the right law firm protecting your interests. The attorneys at Feldman & Schneiderman, P.L. have five decades of combined experience guiding clients through the complicated issues of divorce to help ensure they emerge with the assets they deserve.