Is Your Ex Entitled to Your Business?
Launching and operating a business takes a tremendous amount of work and dedication, from building loyal clients to managing downturns and more. For many business owners, the business is a major source of financial stability. If the owner is married and facing divorce, however, what happens to the business?
It’s understandable to feel protective of something that you started from scratch and is now a major source of helping the family remain afloat. Even so, your soon-to-be former spouse may have an interest in your business or private practice during the divorce, because it may be the most important asset besides the home(s) you shared and any possible retirement accounts.
The splitting of the business will depend on several different factors. For example, the date the business was launched may affect how it’s perceived by the court. The court may examine whether any marital assets were used for the initial business investment or if it was only personal. Even if you did only use your income, if the income was earned during the marriage then the court may decide that your spouse is entitled a portion of it.
This update is provided by the firm Rafool, LLC. We have a strong reputation throughout Florida and we have numerous years of experience representing clients involved in complex divorce cases as well as other family law matters. Should you have any domestic or family issue, we are here to assist you by providing educated advice and skilled, professional advocacy. Call 305-567-9400 to speak with a Miami family law lawyer or a Miami FL divorce attorney.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.