How To Protect Your Small Business In A Fort Lauderdale Divorce

Getting a divorce in Fort Lauderdale can jeopardize relationships while posing a threat to all you have achieved in life. If you own a small business, the stakes are even higher. Without proper precautions, it could quickly become entangled in property division disputes, which could impact your rights as a business owner while putting future profits at risk.

Our experienced Fort Lauderdale divorce lawyer provides the fierce legal representation business owners need when facing a breakup. Find out more about the laws that apply in this situation and proactive steps that can help safeguard your business interests.

Is Your Small Business Subject To Equitable Division In A Fort Lauderdale Divorce?

Under the Florida Statutes, all property and assets earned or accumulated during your marriage are divided on an equitable basis between you and your spouse. This means in a manner that is fair to both parties, based on the individual facts involved. If you are a small business owner, you could be facing the choice of having to buy out your spouse, keep them on as a partner or shareholder, or close your business completely and start over.

Determining whether it is subject to equitable division in divorce is the first step. Factors Florida court judges consider include:

• Whether the business was started before or after the marriage;
• Whether your spouse contributed financially or through unpaid labor and support;
• Whether marital funds were invested in the business’s growth;
• Any increase in the value of the business during the marriage.

If your small business launched after you got married or is otherwise classified as a marital asset, it may be subject to division, making it crucial to take protective measures in advance.

Strategies To Protect Your Small Business In Broward County Divorce Proceedings

When filing for a divorce in the Broward County Family Court as a small business owner, there are proactive steps you can take to limit potential risks. Planning ahead and having the right legal agreements in place can help protect your rights in marital property division. Strategies our Fort Lauderdale divorce lawyer recommends include:

• Creating a prenuptial or postnuptial agreement to specify business ownership and protect it from property division;
• Keeping business finances separate from personal finances to avoid commingling of marital assets;
• Paying yourself a fair salary to prevent claims that your spouse is entitled to a portion of retained earnings;
• Having a buy-sell agreement with partners that outlines procedures if an owner divorces.

Discuss Your Options Today With Our Experienced Fort Lauderdale Divorce Lawyer

If you own a small business in Broward County and are facing divorce, it is important to be aware of how the laws regarding equitable division in Florida apply.

When facing this type of situation, you need fierce legal representation to protect yourself and your business interests. To avoid having to sell it or pay off your spouse’s share, contact Sandra Bonfiglio, P.A. Schedule a consultation today to discuss your options with our experienced Fort Lauderdale divorce lawyer.

Source:

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