Establishing a successful family business in Central Florida is no small endeavor. Your business is a valuable asset that involved many sacrifices, whether through financial investments or time invested in building the business from the ground up. What’s going to happen to the business you’ve worked so hard to build?
Protecting a business’s interests becomes critical in a divorce proceeding, especially if the business was established during the marriage. TK Law attorneys represent many clients in one or several businesses in which they have devoted a limitless amount of their time and resources.
Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376).
Our attorneys realize how painstaking a divorce can be, so we do the research to find every detail that properly shows what rightfully belongs to the clients we serve. We can also assist in revising business organizational documents (such as Articles of Incorporation or your company’s bylaws), business succession planning, and updating an estate plan as necessary so that the rights of whoever inherits the family business are also protected.
If you need an attorney who is well-versed in family and business law to protect your business interests during a divorce, contact TK Law quickly and conveniently here or call 1-855-Kramer Now (1-855-572-6376).
Fair Valuation of a Family Business
A critical task for our attorneys is to determine the value of the business. TK Law collaborates with experts in business valuation, finance, forensic accounting, and other fields to determine the fair value of any business or business assets. In determining value, these experts consider the business’s earning potential, its value if sold in the market under normal conditions, and its recognition within the community.
Factors Considered in Business Interests
A Florida court may consider multiple factors to determine a spouse’s rights to a business and its interests, including the length of the marriage and whether the business and interests are marital or nonmarital property. If only one spouse is participating in the business, the rights of the spouse who does not participate in the business may be determined by his or her role in the marriage, including any assistance or work the spouse may have provided to the business’s success.
Other factors a court may consider include whether the non-business owner spouse supported the other spouse during school or business training.
At TK Law, our client’s livelihood and best interests are our priority. We will carefully and strategically review all documents and evaluate any prenuptial and postnuptial agreements involved that would support rights to the business.
Creative Solutions for Family Business and Divorce
Mediation and creative thinking can play an important role in many cases. For example, we can help spouses enter into an operating agreement for the business that enables them to continue working in the business with time to work out an exit strategy. Or one spouse may elect to take the business as the only asset, while the other spouse accepts all other marital assets or agrees to a payment plan for his or her share.
Divorce Lawyers Protecting Your Business in Divorce
Dividing marital property can undoubtedly be an emotional and frustrating experience that neither spouse expected to endure. The thought of splitting business assets in which one spouse has put his or her hard work can be devastating.
Your case is unique. We can best serve you by advising you of the steps and issues presented in your situation and then accurately addressing the legal and financial ramifications involved in the appraisal and division of both spouses’ business interest.
Contact TK Law today to begin.