When A Business Or Professional Practice Is Part Of Marital Assets
If divorce is on the horizon and you or your spouse owns a business or professional practice, that entity will be part of the assets that you must divide. Will you keep the business intact and give one spouse more of some other assets, such as a home or retirement accounts? Or will both of you sell your interests in the business and split the proceeds? These are a couple of ways to approach the matter of business ownership and divorce, but they are not the only ones.
In addition to considering your and your spouse’s rights and desires, you may need to take other partners, investors or employees into account. Did your business formation plan include built-in protections such as a no-division clause? The business or professional practice may have to stay intact despite the divorce. As you grapple with conundrums such as what to do about the business or professional practice, get an experienced divorce attorney on board as soon as possible.
Completing The Process As Painlessly As Possible
There may be no easy answers as to how to divide the assets associated with your business or professional practice while protecting your rights in a Florida divorce. With Jeffrey P. Cario, P.A., you can get through some difficult decisions with our combined 45-plus years of experience to help. Weigh the options without wasting time and legal fees. Let our ability to cut to the chase work in your favor.
Steps toward resolution of this challenge may include some combination of the following:
- Business valuation, done by professionals
- Divestment of your interest in the business (as one option)
- Reallocation of assets in creative ways
- Negotiations with your business partners
- Negotiations with your spouse
You and your attorney may need to consult with experts such as business market prognosticators, accountants and other professionals. All these actions can easily overwhelm you if you try to figure it out on your own. Fortunately, attorneys Jeffrey P. Cario and Kimberly A. Scarano have helped other owners of businesses and professional practices to find the best resolution to their challenges.
Don’t Think Of It As Failure, But As A Path To Renewal
As complex as it may seem to figure out a way to divide your business assets, rest assured that if Mr. Cario and Ms. Scarano are on your side, they will always put your best interests as the highest priority to protect. He is board-certified in family and marital law, and well-prepared to guide you forward constructively. She has over 15 years of experience, including time working as an assistant state attorney with the Sixth Judicial Circuit.
Get the discussion underway very soon, whether you feel ready or not. Understanding what you need to do can save a lot of time and anguish. To schedule a consultation, call 352-592-0040 or send an email inquiry.