Divorce – Should We Fight Over the Business?
February 12, 2020 | Frequently Asked Questions (FAQs), General Divorce
By: Chad Layton, Esq.
It depends. The answer that gives lawyers such a great reputation.
The truth is that serious and important questions very often do not have yes or no answers. When it comes to the question of how to deal with a small business that is owned by one or both spouses in a divorce matter, there are many issues which must be addressed before deciding the proper course of action as it relates to the divorce.
First, will the business survive without one spouse or the other? This question goes to the role that each spouse played in the business while the marriage was intact. If the business relies on a business license, personal relationships, experience or goodwill of one spouse in particular, it is likely that the business should be distributed to that spouse in the divorce.
However, the spouse whom does not receive the business may very well have a claim for some value that was created in the business during the marriage. This claim will depend on the unique circumstances of the marriage and the business at issue.
Generally, an experienced divorce attorney will perform a detailed analysis prior to the settlement conference in your divorce matter to determine a reasonable outcome which assures the business will continue to thrive after the divorce and that both spouses receive a fair settlement at the time of divorce.
If you have questions about divorce, call us to schedule an initial divorce consultation.
Working with each client to achieve a low conflict divorce allows our firm to provide fixed fee divorce options. Our fixed fees are published on our website at: http://www.mindfuldivorcepa.com under fixed pricing.
About the Author
Chadwick M. Layton is a marital law and divorce attorney at Mindful Divorce, P.A. in Palm Beach County, FL. Mr. Layton is also a member of the Florida Bar Family Law Section, the Susan B. Greenberg Family Law American Inn of Court of the Palm Beaches and the Palm Beach Flagler Rotary Club.
Mindful Divorce P.A.
205 Worth Ave. Suite 303
Palm Beach, FL 33480
Phone (561) 537-8227
Office E-Mail: Chad@mindfuldivorcepa.com