Do I Have To Sell My Business When I Divorce?
It is well understood that the incomes of each spouse will be assessed when a couple chooses to divorce. But if you own your own business, you may be curious about how all of the assets and liabilities connected to the business you have created and nurtured will be impacted. While it is unlikely the value of your business is stagnant, the valuation at the time of your divorce are the figures that will be used. A fair agreement can’t be created until all the appropriate financial information has been gathered. If you are unsure how to get a valuation figure for your business, connect with a Tampa family law attorney. In addition to the worth of your business, your attorney will also ask about if the business belongs to one spouse or if it was started as a joint venture. There are many details that can affect a final divorce outcome. 3 Possible Resolution Options Instead of being overwhelmed by the options, talk through the pros and cons of different resolutions with your lawyer to determine which path you want to pursue. Then, your lawyer can fight for the outcome you want. For example, one of the three solutions below may be a welcomed solution for you and your spouse. You buy out your spouse, so you retain the business and they receive cash or investments. The business is sold and you and your spouse divide the assets from the sale. Your spouse keeps the business but you have shares moving forward. Of course, there are many other solutions depending on the goals of the individual. For example, if your spouse is seeking spousal support, you may be able to remain the sole owner of your business provided you use a portion of your business income to make monthly maintenance payments. Disclose All Financial Statements Changes in valuations can lead to legal disputes, so having a business valuation performed close to the date of your divorce is advised. You can’t control change in the overall national economy, but best practices can be followed. Often this means securing a business analysis in the months prior to a divorce being finalized. A valuation from years ago may no longer be relevant. Business owners have additional asset and debt information that need to be shared in order for the financial information of a divorce to be appropriately reviewed. A Tampa family law attorney has the background and expertise you need. Are you a Florida business owner who is considering a divorce? Asset and liability division is a key issue when a couple ends a marriage. Before making assumptions about the worth of your business, pursue a private valuation so you will have the facts you need to move forward with confidence. To learn about best practices, connect with the compassionate lawyers at HD Law Partners. Because our skilled attorneys have worked on divorce cases involving business owners before, we know how to make your post-divorce goals come to fruition. To get started, call 813-253-5333 to schedule a free consultation. 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