Tag Archives: Florida Divorce Attorney

Dividing a Business During a Divorce

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Dividing a business as part of a divorce settlement can present special challenges. Suddenly, every asset a couple has ranging from houses and jewelry to the business can become a bone of contention. There are assets that spouses are willing to part with and there are others to which each spouse will feel they’re entitled.

The first thing to remember is that there are a number of variables involved. A business is an asset and it needs to be evaluated and valuated. Typically, the person that founded and operated the business will retain ownership through the simple expedient of buying out their spouse’s share. The court will have to decide if it will be categorized as separate or joint property.

Separate property is an asset that each spouse owned before they married or was inherited. Joint assets are those that a couple acquired after they were married. However, separate property that contributed to the marriage or was used to support the marriage may be deemed as a marital asset. A business may be determined as marital property if it was used as the family’s support.

A professional appraiser will need to come in and look at the company’s records. He/she will include other factors in the assessment to determine its worth. The property’s condition, any equipment, products, and customer lists will be evaluated. Bank accounts and all financial records will be included to obtain an accurate picture of the business, its worth, and how it should be distributed.

The court may decide that a spouse is entitled to a portion of the business for their maintenance requirements or that of any children. The worth of the property may be based on its liquidation value or that of an ongoing business by the courts. The court may choose to use an assessment approach based on the business income, the business as an asset, or its market value.

Law Offices of Theodore H. Enfield, P.A.

Whether you need a Divorce, are dealing with Custody or Child Support issues, or need representation in a Personal Injury matter, the Law Offices of Theodore H. Enfield can confidently assist you.  To learn more about how we can help you or to discuss the facts of your case with our attorneys, call 954-983-1443 to schedule your free consultation.

3107 Stirling Road
Suite 105
Fort Lauderdale, FL 33312

Fax: 954-983-1536

Email: [email protected]

Florida Divorce: How Property is Divided

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Divorce is seldom an amicable process and the second most contentious issue is the division of property. In Florida, the courts recognize two types of property – marital and non-marital. They’re divided differently than in other states, since there’s no community property law in Florida.

Marital property encompasses assets obtained during the marriage. Non-marital property includes assets that each individual had prior to the marriage. During a divorce, the court has the final say about what marital property goes to each individual. The division won’t necessarily be a 50-50 split, but it will be a division the court views as equitable.

Marital Property

Determining what is marital and non-marital property is a highly complex process. Property can’t be protected simply by maintaining it in one of the spouse’s name. If one spouse purchases something for themselves with their own money during the marriage, it’s still viewed as marital property.

Appreciation of an asset or business is also considered, along with joint funds that may have been used toward an individual’s pre-marriage property. Gifts are considered marital property and the court will typically divide the value equally, but it may mean the recipient won’t be able to retain ownership. Certain retirement benefits are also subject to division as marital property.

Non-Marital Property

Property acquired prior to a marriage is considered non-marital property, not viewed as part of the marital estate, and remains with the purchaser. Gifts and inheritances can be tricky territory, but they’re generally considered non-marital property, even if they were acquired during the marriage. Couples can also exclude property and assets by mutual agreement when a prenuptial or postnuptial agreement is in force.

Difficult Decisions

It’s essential to have the representation of a lawyer experienced in divorce proceedings. In many situations, marital and non-marital assets have been combined or otherwise comingled such as bank accounts and bill paying, which can make divisions more complicated.

During a divorce, the court will also consider and divide any liabilities and debts the couple owes. It’s critical to have an experienced lawyer from the beginning. Once the court has rendered its decision, it will be almost impossible to have any aspect changed or modified.

Law Offices of Theodore H. Enfield, P.A.

Whether you need a Divorce, are dealing with Custody or Child Support issues, or need representation in a Personal Injury matter, the Law Offices of Theodore H. Enfield can confidently assist you.  To learn more about how we can help you or to discuss the facts of your case with our attorneys, call 954-983-1443 to schedule your free consultation.

3107 Stirling Road
Suite 105
Fort Lauderdale, FL 33312

Fax: 954-983-1536

Email: [email protected]

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