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Divorce can be complicated by jointly-owned businesses

For Florida couples, a divorce can be a challenge when they own a business together. Across the United States, around 3 million of the 22 million estimated small businesses in the country are owned and managed by couples. When the business is successful and profitable with strong involvement by both partners, a marital split can be particularly complex.

One of the most common ways in which couples deal with a business during a divorce is a simple buyout where one partner becomes the sole owner by purchasing the other's equity share in the business. It is important to have an accurate estimate of the value of the business from a neutral appraiser in order to ensure a fair transaction.

Other couples try to stick it out and continue to run the business even when their marriage ends. This strategy can work best when the divorce itself is relatively amicable and when both partners had a strong role in the company's growth and ongoing activities. It can be important to review the business structure and its legal documents to reflect accurately the positions of the partners and how decisions can and should be made.

Some businesses owned by divorcing couples close altogether or the couple sells it to a third party and divides the resulting assets in a divorce settlement. If the partners aren't deeply personally attached to the business, this can also be a workable option. In any case, divorcing couples who own businesses will want to have separate legal representation as they go about determining what to do with the company.

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Pilka & Associates, P.A.
213 Providence Road
Brandon, FL 33511

Phone: 863-236-9321
Fax: 813-651-0710
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256 North Kentucky Avenue
Lakeland, FL 33801

Phone: 863-236-9321
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