Boynton Beach Business Interests
Divorce is not a simple process, particularly when either or both spouses own multiple financial assets. Additionally, one challenge that some divorcing spouses face is if one or both own a business. Whether the spouses jointly own the business, or one owns the closely held business individually, these business interests will factor into the divorce process. If you are thinking about divorce and are concerned about your business interests, contact my law office today. I have been practicing law for over 35 years. With my experience and one-on-one client approach, I can help you protect your financial interests during the divorce. Contact me online now to schedule your free initial consultation.Boynton Beach Divorce Attorney Experienced in Dividing Business Interests
When a couple divorces, their marital property is divided. If the property is not divided equally, then it must be divided under principles of equitable distribution. Basically, this means that each spouse gets a fair and just amount of the marital property. What is “equitable” is determined by the unique factors of the case. A judge will take many factors into consideration, including:
- Assets acquired and liabilities incurred during the marriage, individually by either spouse or jointly;
- The enhancement in value and appreciation of non-marital assets resulting either from the efforts of either party during the marriage or from the contribution to or expenditure thereon of marital funds or other forms of marital assets, or both;
- Interspousal gifts during the marriage; and
- All vested and non-vested benefits, rights, and funds accrued during the marriage in retirement, pension, profit sharing, annuity, deferred compensation, and insurance plans and programs.
It is important to note that all real property held by the parties as tenants by the entireties, as well as all personal property titled jointly by the parties as tenants by the entireties, is presumed to be a marital asset.
Clearly, it can be more challenging to divide spouses’ business interests than to divide other, tangible assets. After determining whether the business interest is actually marital property, the next step is valuing the business. This is tricky and requires a lot of financial experience. Having spent over three decades practicing law, I have a network of financial experts and business evaluators that can analyze the value of your business. The reason the value is so crucial is because the value is what will be divided, not the actual business itself. If the opposing party disagrees about the business value, I have the courtroom skills to argue our case in front of a judge. In divorce cases, knowledge is power and I know the right questions to ask to ensure you have the information you need.Protect Your Business Interests, Contact Boynton Beach Family Lawyer
If you are considering a divorce and own interest in a closely held business, you need experienced legal help. During divorce, you have financial rights that need to be protected. Call me today to discuss your case and get more information about your legal options. I will answer your questions and work closely with you throughout the divorce process. Contact me now at (954) 229-1660 (office) or (954) 295-9222 (cell) for a free initial consultation.