When divorcing Floridians own a business, including a medical, legal, accounting or other professional practice, there are added layers of complexity to the division of property. In addition to fighting to retain as many of your personal assets as possible, you may end up having to fight to keep the business you've worked hard to build.
Sometimes a business is considered marital property and sometimes it isn't. If a person owned a business prior to marriage, it may not be. If the value of a business increased considerably during the marriage, part of it may be considered marital property. Under Florida law, marital property is divided fairly or "equitably." That doesn't necessarily mean equally. State law considers the contribution that each spouse made to the acquisition or enhancement of the business as well as to its liabilities.
At The Law Offices of Barry I. Finkel, P.A., we can help determine whether the business should be classified as marital property. We also work with specialists in business valuation to help ensure that it's valued accurately in the divorce proceedings.
If there is a valid prenuptial or postnuptial agreement that stipulates how the assets of a business are to be divided (or not) in a divorce, that can make things considerably easier. In some cases, couples choose to dissolve a business when they divorce. Our attorneys, who have more than three decades of experience, will help you look at all of the possible options and then work to help you move forward with the one you choose.
While we work to protect the rights of business owners in divorce proceedings, we also work to protect the financial interests of those who helped a spouse become the success they are today. If you worked to put your spouse through medical school, law school or to support the family while he or she built up the business, we can help you work to seek a share in that business in a divorce.
Call us or contact us online to schedule a consultation with one of our family law attorneys. We have offices in Fort Lauderdale and Boca Raton for your convenience.