Answers to Common Questions About Business and Property Division

When it comes to dividing business and property assets, things can get complicated quickly. Whether you are going through a divorce, business dissolution, or partnership dispute, there are many questions you might have. Who gets what in a business or property division in Orlando, FL? Do I need professional help? Today, we want to provide some answers to the most common questions.

1. What is "equitable distribution"?

Equitable distribution means that each party will receive a fair share of the assets. This doesn't mean that assets will be divided equally, but rather in a way that is deemed fair by the court. Factors such as the length of the marriage/partnership, earning capacity of each spouse, and the contribution of each party to the acquisition and maintenance of assets will be taken into consideration.

2. Who decides how assets are divided?

If the parties cannot agree on a division of the assets, the court will make the final decision. In Florida, all property and assets acquired during a marriage are considered marital assets and are subject to equitable distribution upon divorce. It is highly recommended that you work with a qualified attorney to guide you through the process of property division.

3. What happens to a business during property division?

Business assets can be difficult to value and distribute fairly. If the business is considered a marital asset, it will be subject to equitable distribution. However, the business may be deemed a non-marital asset if it was acquired prior to marriage or if a prenuptial agreement was signed. In this case, the individual who owns the business may be able to retain full ownership.

4. Can mediation help with property division?

Mediation is a great way to work through property division issues without the need for expensive court proceedings. In mediation, a neutral third party helps the parties come to an agreement regarding the division of property. If the parties are able to agree on a division of assets, they can submit an agreement to the court for approval.

5. Do I need professional help with property division?

Yes, it is highly recommended that you work with a qualified attorney to ensure you receive a fair share of the assets. Property division can be complicated and you don't want to miss out on assets that are rightfully yours. At Ilvento Law, we provide legal advice and representation to help you navigate the property division process.

 

Conclusion

Dividing assets can be stressful and complicated, but it doesn't have to be. It is important to work with a qualified attorney who can help you navigate through the property division process. At Ilvento Law, we can help you answer even more questions about business and property division. If you need professional help in dividing business assets in Orlando, FL, don't hesitate to contact us today to learn more about how we can help.