Divorces are often messy and complicated, but they can become much more difficult when there is a business involved that provides income and assets to the family. Unless the business is not considered marital property and belongs solely to one spouse, it is treated like all other marital property and the assets of the business must be divided between the spouses equally.
Typically, there are two ways a business' assets can be distributed following a divorce:
- A judge orders the couple to sell the business and divide the profits equally
- One spouse may “buy out” the other spouse's interests in the business and keep the business as the sole owner
If the spouses wish to complete a buy out, the spouse receiving ownership of the business would have to provide other assets or cash equal to half of the business' assets.
Business asset division isn't easy and is often misunderstood. It can be quite a complicated process, especially if both spouses are in disagreement about how to complete a buyout. To protect your interests in a business, it is important that you seek the services of an experienced, knowledgeable family law attorney who is familiar with the business asset division process.
At Segarra & Associates, P.A., we are committed to providing you with the legal edge you need to increase the chances that your business assets are divided in a way that is satisfactory to you.
Contact us for a free consultation regarding your business asset division. We are committed to giving your case our full attention and are available now to speak with you. Call us today. (305) 742-5042.