Lakeland Business Divorce Attorney
A regular divorce is complicated enough. When a business is involved, things tend to become even more complex. Florida is an equitable distribution state, and a business is an asset that is hard to split at all without having to sell it or have a partnership with the ex-spouse.
Ideally, there is a prenuptial or postnuptial agreement or some other agreement in place that allows the business owner to keep the business. If not, then things get tricky.
Business divorces can be complicated. Get the help you need from Darla K. Snead, P.L. Attorney. A Lakeland business divorce attorney can help you handle all the relevant elements.
What to Consider in a Business Divorce
Businesses have a lot of elements that need to be considered in a divorce. Here are some considerations to keep in mind:
- Determine the value of the business. Before the business can be divided, you’ll need to determine its value. This can be a complicated process, which is why a business valuation expert is often needed to help determine its worth. Attorneys and accountants will also be needed to help simplify the process.
- Consider the ownership structure. How is the business structured? If the business is jointly owned by both spouses, it may need to be sold, with the proceeds divided. But even if one spouse owns the business outright, the other spouse may be entitled to a portion of its value. This will depend on whether it is marital or separate property.
- Negotiate a settlement. If one or both spouses want to continue owning the business, they will need to negotiate a settlement that addresses the ownership. This may involve one spouse buying out the other’s share of the business or creating a new ownership structure. Also, keep in mind that you don’t have to split every asset. You could, for example, keep the business but offer your spouse other assets of value. This would be your best bet if you want to keep your business and don’t want your ex to be involved in it.
- Prepare for the emotional impact. Divorce involving a business can be emotionally charged, whether one or both spouses have worked hard to build the business. Despite the emotions, it’s important to approach the situation with a clear head and a willingness to negotiate. A nasty battle does nothing to help the business and it just makes the divorce proceedings worse.
Contact Darla K. Snead, P.L. Attorney at Law Today
You can’t always control the outcome of your marriage, but you can protect what matters most when you have decided on a divorce. If you want to protect your business assets, you need the right legal representation.
When a business is involved in a divorce, there’s a lot at stake. There are various elements to contend with, especially if the business is marital property. Darla K. Snead, P.L. Attorney at Law, can guide you through the process with ease. Schedule a consultation with a Lakeland divorce involving a business lawyer today by calling (863) 619-5291.