Is My Spouse Entitled to Half of My Business?

Splitting Your Business in Divorce

Splitting up from your spouse is never easy, and it can be an emotionally taxing experience — and when you own a business, it can add even more stress and frustrations to your divorce. While you and your spouse may not see eye-to-eye on who gets what, and your situation is complicated, it’s essential to understand how Florida laws work when splitting your business and determining if your spouse is entitled to half. Here’s what you need to know.

Florida Laws and Business in Divorce

Since Florida is an equitable distribution state, your marital assets, including businesses, are essentially split 50/50. If the business began during your marriage, your spouse could get up to half of its value. However, If you had started your business before your marriage, your spouse may still get some portion, depending on these factors:

Your business has increased in value during your marriage.
Your spouse contributed to the business during your marriage, including time and money.

There can be no “cookie-cutter” approach to divorce, especially regarding financial matters and business involvements. Since many variables need to be considered in these instances, it’s critical to consult an experienced divorce attorney to thoroughly examine your business assets and valuation to determine the best way to approach an agreement with your spouse.

How Florida Courts Divide a Business

First, you will need to get a professional evaluation to determine the value of your business. You want to ensure you have a proper valuation conducted by a certified business valuator. You may find it helpful to find your accredited business valuator through the following organizations:

After a valuation has been assessed and presented in court, many factors are examined to determine how to divide the business. This may include, but is not limited to:

Future business earnings
Liquidation value
Assets
Potential losses

Considering Divorce? Contact a Jacksonville Divorce Lawyer For Help.

Filing for divorce, especially when a business is involved, can be complicated and stressful. However, having support from a skilled divorce lawyer can ensure your rights and assets are protected under Florida laws.

If you feel frustrated and unsure of how to handle the business aspects of your divorce, we are here to help. Our Jacksonville divorce lawyers will guide you through the process and help you every step of the way.

Contact Owenby Law, P.A. today at (904) 770-3141 to schedule a free initial consultation with our team.