Protecting Your Small Business When Getting A Divorce In Boca Raton
Having a small business is often the fulfillment of a lifelong dream. Unfortunately, dealing with a divorce in Boca Raton and subsequent disputes concerning property division can put it in jeopardy. Our Boca Raton divorce attorneys provide professional legal representation in this situation and offer tips on how you can protect yourself and your small business.
How Divorce Can Impact Small Businesses
If you are a small business owner going through a divorce in Boca Raton, it is important to be aware of the impact these proceedings can have on your rights. Under the Florida Statutes, all property and assets owned or acquired during your marriage is subject to property division. In addition to homes, cars, and money in bank accounts, this includes your small business and everything associated with it:
- Commercial property and leases;
- Websites and online store fronts, such as eBay;
- Trademarks associated with the name, product, or specific processes;
- Office supplies and any ‘tools of the trade’;
- Inventory, fixtures, and any profits you may have made.
Equitable division in a divorce means that rather than dividing marital property evenly, you and your former spouse are each entitled to a fair share. Even if you started your business prior to your marriage, your spouse could still be entitled to a portion if they contributed time or money towards it over the years and/or if your marital effort and labor increased the value of the business.
Tips To Protect Your Business During Boca Raton Divorce Proceedings
When filing for a divorce in Boca Raton through the Palm Beach County Civil Court, you are required to provide a complete list of all marital property and assets. This includes your small business. To protect yourself in property division, follow these tips:
- Make a thorough inventory: In addition to your small business, include all property and assets you and your spouse possess. Do not overlook items such as furs, jewelry, or other personal belongings, and collectibles, such as guns, sports memorabilia, and coin collections.
- Consider what you might be willing to trade: Once you have a full inventory of all marital property and assets, consider what you might be entitled to a share in and what you are willing to trade to avoid having to divide your small business.
- Get an accurate evaluation: Having an accurate estimate of what your business is currently worth and what its value is likely to be in the future is important for negotiations.
- Consider all options: Consider whether it is in your best interests to negotiate full ownership, buy your spouse out, or even liquidate and start over once your divorce is finalized.
Discuss Your Options With Our Boca Raton Divorce Attorneys
Property division is an important issue in divorce proceedings. As a small business owner, get professional legal representation to ensure your rights are protected. At The Law Offices of David L. Hirschberg, P.A., we provide the trusted legal guidance you need. To discuss your options, call or contact our Boca Raton divorce attorneys online and request a consultation today.