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3 ways to handle your business in a Florida divorce

On Behalf of | Feb 9, 2022 | divorce

Your business represents years of hard work and thousands of dollars of personal investment. It can also be an ongoing source of income for you. When you start considering a divorce, it is only natural to worry about what the end of your marriage might mean for the company that you own and operate. 

There are numerous different ways that a divorcing business owner can handle their company during the dissolution of their marriage. Considering different ways to handle the business can help you minimize the lasting financial consequences of your divorce. 

Show that it is separate property

You may not need to divide your business with your spouse if you already owned it before you got married or if you protected it with a marital agreement. If you can show through contract or financial records that your business is your separate property, it will not be subject to division in your Florida divorce. 

Perform a business valuation to show its liabilities

A business may seem more valuable or profitable to an outsider than it actually is. You may be able to drastically reduce your risk of losing part of the business’s ownership if a business valuation shows substantial company liabilities and expenses. Your spouse may be less interested in laying claim to the company if they realize how much of the revenue actually goes to cover basic operating costs. 

Negotiate a settlement with your spouse

If keeping your business as your sole and separate property is your top priority in the divorce, then you may be able to negotiate a property division settlement with your spouse and file an uncontested divorce. Provided you can make concessions in other areas, your spouse may readily agree to give up any interest they might have in the business.

Setting realistic goals for the property division process in your Florida divorce can help you prepare for a better future.

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