Business Ownership and Divorce

Typically, in Florida divorce proceedings, the assets and liabilities owned by the Husband and Wife are subject to being either split via an agreement or by the Judge. However, what happens in a divorce when one of the parties owns a business to the exclusion of the other spouse, has an interest in a business, or the parties own a business together—does the business count as an asset? What about the debts of the business, who is responsible? What if the other spouse starts selling assets from the business quickly right as the divorce gets started? Can one spouse lock the other out of the business if they work together?

These are just a few of the questions that inevitably must be dealt with in a divorce proceeding where business ownership and interests are at issue. Some examples of the important steps that an experienced divorce lawyer should take to answer these questions involve: hiring an expert to value the business’s assets and debts, obtaining a court order to keep the business operating and earning money, and/or actually joining the business as a party to the divorce action, etc.

Mackey Law Group’s attorneys are not just blue-collar divorce attorneys—we are experienced business law litigators, with the skill and knowledge to navigate these complex waters and ensure you get what you deserve.

 

 

By: B. Kyle Stalnaker, Esq.