How To Handle Property Division In A Fort Lauderdale Divorce When You Own A Business

Dividing property in a Fort Lauderdale divorce often presents challenges, particularly if one or both spouses own a business. Whether it’s a small family-owned company or a larger corporation, a business can be a significant asset and can complicate the division of marital property.

Understanding how the court handles business assets in a divorce is critical for protecting both your business and your financial future. Our Fort Lauderdale property division attorney explains what you need to know.

How Broward County Family Courts Divide Business Assets in Divorce

When going through a Fort Lauderdale divorce, the Florida Statutes require equitable distribution of marital property. Rather than a 50/50 split, the court considers multiple factors in determining who is entitled to what. This includes businesses owned during the marriage.

Businesses are often treated differently from other types of property, and their value must be carefully assessed to ensure fair distribution. Here’s what you need to know if you are a business owner in Broward County:

• Marital vs. Separate Property: The business may be considered separate property not subject to division if it was started before the marriage or inherited.
• Active vs. Passive Involvement: The court will also assess how much each spouse has contributed to the business. If one spouse was more actively involved, they may be entitled to a larger share.
• Impact of a Business on the Divorce Settlement: The estimated value of the business, other marital assets, and potential tax implications are among the factors the court considers in determining an equitable outcome.

How to Protect Your Business During a Fort Lauderdale Divorce

If you own a business and are facing a divorce in Fort Lauderdale, proactive planning and getting experienced legal help are essential. Actions that can help protect your business while minimizing potential disruptions to your professional life include:

• Maintain Clear Financial Records: Keep organized, accurate financial records of your business. This will be essential in determining its value during the divorce proceedings.
• Separate Business and Personal Finances: If you haven’t already, separate your business and personal finances to protect your business from being categorized as marital property.
• Get a Professional Valuation: To prevent disagreements and ensure that the business is valued accurately, consider hiring an expert who can provide an objective assessment.
• Use Prenuptial or Postnuptial Agreements: These allow business owners to outline each party’s rights and responsibilities either prior to or during a marriage.

To Protect Your Business, Consult Our Experienced Fort Lauderdale Property Division Attorney

If you own a business and are filing for a divorce in Fort Lauderdale, it’s critical to work with someone who has experience handling business assets in family law cases. At the Law Office of Sandra Bonfiglio, we help you successfully navigate property division and take the legal actions needed to ensure your business is properly protected.

Take the first step toward safeguarding your business and your future. Give us a call or contact our office online. Request a consultation today with our experienced Fort Lauderdale property division attorney.

Source:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html