The changing business landscape has made it possible to have the best of all worlds: living and working with a person you love and to whom you are married. However, when irreconcilable differences force the end of a romantic union, the future of a mutually-built business can be put in jeopardy.
There are times when married couples divorce and remain business partners. More often, though, the company is forced to close. In that case, determining the future of the business, employee considerations, and allocation of remaining monies and company assets becomes a legal matter. Here’s how to navigate the process:
Keep a Cool Head
Divorce is a stressful, emotional, and time-consuming process that affects all parties involved (including children and loved ones). Still, when considering the future of a company owned with an ex-spouse, it’s important to remember that every joint-owned business is an asset. As such, the business must be characterized and valued just as any other asset.
Working with a qualified and knowledgeable divorce attorney in Daytona Beach, you’ll determine valuation (what the business is worth) and allocation options. Other factors to be considered include whether the business predates the marriage, company inheritance from a retired or deceased relative, existing business partners, and more.
Get an Accurate Business Appraisal
Just as with home appraisals, there are professionals dedicated to assessing the whole value of a business. While not real estate appraisers, when you find a specialist who operates under the Uniform Standards of Professional Appraisal Practice (USPAP), you can be sure your business appraisal will result in an accurate and fair market value representation of the company’s overall worth.
During this process, it’s also wise to consult with a skilled accountant and an attorney in Daytona Beach adept and well-versed at both business and family law.
Explore All Options
When couples divorce, a common misconception is that they will never to speak or see each other again. To be sure, this is sometimes the case. However, most divorces are an amicable decision. Some ex-spouses have been known to socialize and attend family functions even after the split.
When a successful business is added to the mix, finding mutually-agreeable terms to by which to move forward becomes more important. Options include:
- keeping the business in the names of both spouses while only one spouse is responsible for day-to-day operations
- dividing business operations, with each party operating a specific portion of company duties
- transferring ownership of the business to a family member, friend, or existing business partner
Whichever option you choose, it’s wise to start the process early. Actively seek out Volusia County attorneys who can guide you through this complex endeavor.
Discuss the Next Steps
For more than 35 years, we’ve helped countless Central Florida residents navigate through a variety of legal issues. From divorce and family law, to real estate law business and corporate law, criminal defense, personal injury and wrongful death, and much more, our friendly and qualified attorneys are on hand to answer all your questions and concerns.
Contact us today for more information on your options for effectively settling business and family matters related to divorce.