Winter Park Business & Divorce Attorney
Divide Your Interests with Assistance from a Winter Park Business and Divorce Attorney
Getting a divorce can be complicated enough, but for couples who either own a business together or one spouse entered the marriage with their own business, the process suddenly became more complex. If your asset portfolio includes a business, no matter whether it is owned individually or is family-owned, you need to speak with a Winter Park business and divorce attorney who can help ensure your interests are protected throughout the divorce proceedings.
At The Troum Law Firm, P.A., we understand that a number of things can happen throughout your marriage that can affect how your business may be categorized during your divorce. We have access to a number of professionals who may be helpful in these situations, including business valuation experts, forensic accountants, appraisers, and more.
Protecting Your Business Interests
We understand that a family-owned business is far more important than just serving as a source of income. We’ll sit down with you and listen to all your goals and how much participation you want to have in the business after the divorce. We’ll put together a strategy to help you achieve those goals.
In most cases, it’s best to hire an independent business appraiser, like a CPA who has accreditation in business valuation (ABV) or another type of certified professional, like a CBA, or certified business appraiser. Their first step in reaching a value on your family business is to review your business’ books, records, financial statements, tax returns, and other reports for at least the last five years.
How We Can Help You Through the Process
At The Troum Law Firm, P.A., we are prepared to help you through the entire process and handle all potential courses of action. These may include selling the family business, dissolving the family business, or drafting a property settlement agreement that will provide compensation to either spouse for their individual contributions to the family business.
In situations where only one spouse was involved in the business, the other spouse’s rights in regard to the division of assets will vary based on Florida’s “equitable distribution” statute. Factors that can influence how a business is treated during the divorce can include, but are not limited to:
- How long were you married?
- What were the contributions each spouse made to the marriage? This includes contributions to the education and care of any children, as well as homemaker services.
- Is there a valid prenuptial agreement that has stipulations?
- Did one spouse support the other during school or when the business was first launched?
Contact a Winter Park Business and Divorce Attorney
It’s important to examine all your options. There may even be a chance you and your ex could reach an agreement to continue a business partnership after the divorce. If you opt for this route, you’ll want to create a detailed exit strategy that would end the partnership amicably if necessary.
If your Florida divorce includes business property in your marital asset portfolio, The Troum Law Firm, P.A., can help. Contact our office today at 321-428-2247 to schedule a consultation.