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Divorce Lawyers For Protecting Your Business

If you’re like many Florida business owners, your business isn’t just a source of income. It is your livelihood, a source of pride and maybe even a significant part of your identity. You’ve worked incredibly hard to make your business a success, and you may be worried about what will happen to it now that you’re getting divorced. You are right to be concerned. In the hands of an inexperienced attorney, divorce can greatly damage or even ruin a business. The reassuring news, however, is that with an skilled family lawyer on your side, your business can survive and continue to thrive.

In Pompano Beach, the firm to contact for skilled divorce representation is the Law Office of Cheryl Bucker, P.A.. Our two attorneys offer more than 40 years of combined legal experience, including experience representing the interests of clients who own businesses and professional practices in divorce.

Most Businesses Are Considered Marital Assets In Florida

Florida is an equitable distribution state. This means that all marital assets (assets acquired by either spouse during the marriage) should be divided equitably in divorce. Often this means a 50-50 split, but courts can divide marital assets unequally if doing so would create a more equitable outcome.

Chances are good that your business will be classified as a marital asset, even if your spouse plays no role in day-to-day operations. Marital funds may have been used to start or grow the business, and business profits have likely intermingled with personal finances. As such, your spouse could be entitled to an equal or nearly equal share of the business in divorce.

A Skilled Legal Team Collaborating To Protect Your Business

The process starts with an accurate valuation of the business and a catalog of its assets. To do this, our Florida family law attorneys work with certified public accountants (CPAs), property appraisers, forensic accountants, business valuation experts and other professionals, as needed.

Once we know the value of the business, we can protect and prioritize it during the asset division process. There are three common ways to address a business in divorce:

  1. Trading away other assets equivalent to your spouse’s stake in the business
  2. Selling the business and dividing the proceeds
  3. Continuing to run the business with your spouse as an operating partner or nonoperating shareholder.

As you can imagine, the second and third options are not considered desirable for many owners who want to both protect their business and end their relationship. Therefore, we will likely focus on trading other assets that are less important to you or creating a buyout plan with payments structured over time.

Discuss Your Legal Needs With Us. Schedule A Complimentary Consultation Today.

Contact the Law Office of Cheryl Bucker, P.A., at 954-372-2062 or 866-776-0102 to schedule your free 30-minute consultation. You may also contact us online.