As is going through a divorce isn't already difficult enough, the presence of business ownership can complicate this process even further. Dividing business assets in Orlando requires a top notch attorney with the right experience. Your Orlando Lawyer offers many experienced attorneys that can negotiate to get you what you deserve. Whenever you own a business and are going through a divorce, one of the first things you'll want to know is if your business assets will also need to be divided. There are a few important questions that help determine whether your business assets are considered separate or marital assets.
If you started your business before you were married, it may be easier to claim it as separate property, which would mean you wouldn't have to worry about dividing your business assets with your spouse. However, if you began your business during your marriage, or you didn't protect your business when you got married, it may actually be considered marital property.
If you asked your spouse to sign a prenuptial agreement that indicated your business was your separate property, your business will be safe from division. Also, if you set up your business as an LLC or a partnership with another business partner, it may also be protected from becoming marital property. These steps are crucial in making sure that you don't have to owe your spouse any financial compensation from your business.
If your spouse plays a role in your business, they may be entitled to some of the compensation as a part of their assets as well. If your spouse worked for your company or made other major contributions to your business, they may be entitled to some of the compensation in the divorce.
Whenever the judge determines that the business is marital property, you will need to take the steps to dividing the assets evenly. This means that each of you will receive 50/50 compensation. First, you'll need to have a business valuation to determine how much the business is worth. This will ultimately determine the amount of money that will be split between the spouses once the business is divided. In certain states, the amount of compensation a spouse receives is not actually 50/50 depending on a number of factors, such as their contributions to the business. Consult with your attorney about how to divide your business assets during divorce.
Answering these few questions will help to break down whether your business assets are considered to be separate or marital assets, which will determine whether they require division during divorce. Even if your spouse has had nothing to do with your business, they may still be entitled to compensation from these assets. It all depends on the protection you have in place. When you work with our experienced attorneys on dividing business assets in Orlando, you will be in great hands. Contact us to set up a consultation today.