Platt Hopwood Russell & Cole PLLC
Serving Brevard County and Florida’s Space Coast Region
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Platt Hopwood Russell & Cole PLLC
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How may my business affect a divorce settlement?

On Behalf of | Sep 3, 2021 | Divorce |

Your business may affect your divorce settlement if you started the venture during your marriage. Florida’s equitable distribution laws require those assets you acquired while married to divide fairly between you and your soon-to-be ex-spouse.

As noted by Chron.com, if you sell your business before your divorce, your ex-spouse generally has a right to a portion of its proceeds. Depending on whether your spouse also has an ownership stake, you may need his or her permission to sell.

How may I prepare to sell my business?

Before offering your enterprise for sale, a professional business valuation determines a fair market asking price. By reviewing your financial statements, tax returns and other market factors, a business appraiser can provide the appropriate documents that show your enterprise’s worth.

How may an appraisal help me keep a business?

Because the Sunshine State requires two spouses to split a business fairly, you may use a professional valuation as part of your negotiation strategy. According to Business.com, you may keep your enterprise by trading its value for other assets. Your spouse, for example, may agree to take ownership of your primary residence in exchange for giving up his or her fair share of your business.

How could my spouse end up with the business?

Based on how much your spouse owns in a shared enterprise, he or she may refuse to give up ownership. You may, however, offer to buy out your spouse and a business valuation may provide you with a fair price. If your spouse does not agree to sell, his or her ownership stake may affect your business’s partners, customers and future decisions.

A divorce may alter a business and its ownership structure. Obtaining a professional valuation and having a strong negotiating strategy may provide you with a favorable outcome.

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