Florida business owners often work hard to achieve their goals and dedicate many hours of their lives to building their companies. When these entrepreneurs decide to divorce, they may face some particular concerns, especially if they want to protect their company’s ability to flourish moving forward. In many cases, a privately held business may be one of the largest single assets held by a married couple that is up for division. As a result, in some cases, businesses have fallen apart or been sold off due to problems moving forward. However, it is possible for business owners to emerge with a successful future after the end of a marriage.
For business owners, negotiating a property division agreement may be particularly important. When the couple has enough significant assets to offset the value of the business, the spouse that is leaving the company can receive a greater share of real estate or an investment fund in exchange for their portion of the business. At the same time, both parties should make sure to tie up any loose ends by protecting the leaving spouse from business liability and ensuring all intellectual property is transferred properly.
In some cases, cash flow may be a barrier. If the majority of a couple’s assets is tied up in the business, a negotiated buyout agreement over a period of time may provide a solution. As one party is bought out, their equity stake will decline, and the payments could serve as a form of spousal support.
While many people think first of the emotional aspects of a divorce, the financial side often carries the longest-lasting consequences. A family law attorney may work with a divorcing business owner to reach a property division settlement that protects the future of the company.