Can a Spouse Claim a Share of Your Business If You are Getting Divorce in Florida?
It is hard to end a marriage—especially if you are a business owner. You may have a lot of questions or concerns about the future of your company, including: Can my spouse claim a share of my business? The answer depends largely on whether or not your company is deemed marital property or separate property. Within this article, our Boca Raton equitable distribution attorney explains the most important points to understand about your spouse’s right/ability to claim a share of your business during a divorce in Florida.
Background: Marital Property is Subject to Equitable Distribution in Florida
To start, it is important to understand that Florida uses an equitable distribution standard for property/assets division in divorce. Under Florida Statutes § 61.075, a couple’s marital assets are divided in a manner deemed to be “fair.” It could be a 50/50 split, but a 50/50 split is not guaranteed by law. A court can review the totality of the circumstances to determine what type of property distribution arrangement is appropriate.
The Key Question: Is Your Business Marital Property
How will a business be divided under the equitable distribution standard in Florida? The answer depends primarily on whether or not the company is marital property. Here are the key points that you should know:
- If Your Business is Marital Property: A business that is marital property is subject to equitable distribution in Florida. The court will consider various factors, such as each spouse’s financial situation, the length of the marriage, and contributions to the business by both spouses. If both parties contributed to the business—or if its value increased significantly during the marriage—it is more likely to be divided between both spouses.
- If Your Business is Not Marital Property: A business that is not marital property is considered separate property Separate property is not subject to equitable distribution in Florida. A business may be separate property if it is protected by a prenuptial agreement. A business may also be separate property if it was formed before the marriage. However, it is not always straightforward. For example, if marital assets were used to support or grow the business, it could become, at least in part, marital property.
A Divorce Lawyer for Business Owners Can Help You Find the Best Solution
No two divorce cases are exactly alike. The specific circumstances of the case always matter, particularly when a business is involved. You do not have to figure out everything on your own. A top-tier Florida divorce attorney can review the case, answer your questions, and help you develop a comprehensive strategy to protect your rights, protect your business interests, and to secure the possible outcome.
Contact Our Florida Divorce Attorney for Business Owners Today
At Williams & Varsegi, LLC, our Florida divorce lawyer has the skills, experience, and family law expertise to help handle business-related property division matters. Contact us today to set up your confidential initial appointment. With a law office in Boca Raton, we represent business owners in divorces in Palm Beach County and all across South Florida.
