Divorce and the Family Business
By: Christina (“Christy”) O’Brien, Esq.
Divorce can be a difficult and emotional process for any couple, but it can be even more complicated when they own a family business together. In the state of Florida, there are several steps that need to be taken when a couple divorces and owns a family business. In this post, we will outline the steps that need to be taken in order to ensure that the divorce process goes as smoothly as possible.
Step 1: Identify the Value of the Business
The first step in any divorce involving a family business is to determine the value of the business. This can be done through a business valuation, which is a process that involves analyzing the financial records of the business, its assets and liabilities, and other factors. This is an important step because it will help determine how the business assets will be divided during the divorce settlement.
Step 2: Determine the Ownership Structure of the Business
The next step is to determine the ownership structure of the business. This means identifying who owns the business and how much each person owns. If the business is owned jointly by the couple, it will need to be determined how ownership will be divided during the divorce settlement.
Step 3: Determine the Income Generated by the Business
It is also important to determine the income generated by the business. This will help determine how much alimony or child support may be awarded to one or both of the spouses. It will also help determine how much each spouse may be entitled to in terms of income from the business after the divorce is finalized.
Step 4: Create a Plan for the Future of the Business
Once the value of the business has been determined, and the ownership structure and income generated by the business have been identified, the next step is to create a plan for the future of the business. This plan will outline how the business will be operated after the divorce is finalized. This may involve selling the business, dividing ownership between the spouses, or continuing to operate the business jointly.
Step 5: Work with an Experienced Divorce Attorney
Finally, it is important to work with an experienced divorce attorney who can help navigate the complex legal issues that come with divorcing a spouse who owns a family business. An attorney can help ensure that your rights are protected and that the divorce settlement is fair and equitable.
Divorcing a spouse who owns a family business in Florida can be a complex process. It is important to determine the value of the business, identify the ownership structure and income generated by the business, create a plan for the future of the business, and work with an experienced divorce attorney to ensure that your rights are protected. With careful planning and the right legal representation, you can ensure that the divorce process goes as smoothly as possible, and that both you and your spouse are able to move forward with your lives.
If you need assistance navigating a family law case, I may be reached at (239) 344-1279 or by email at email@example.com.