5 Steps for Business Owners Going Through a Divorce

Going through a divorce is stressful enough without the added hassle of worrying about harming or losing your business. But your business could be up for grabs, particularly if you built it during the marriage or your ex-spouse is a co-owner. If you’re beginning the divorce process and are concerned about your business, here are five steps you need to take now. Know Your Rights Florida uses an equitable division standard to divvy up marital property, which means the judge will divide your business according to what is fair. Before you file, you need to talk to a divorce lawyer who specializes in divorce-related business litigation. This is the best approach for determining the most likely outcome to your case, and can help you offer a reasonable settlement. Determine Your Business’s Value You need to know how much your business is worth, but this determination isn’t always easy. If you’re concerned that your spouse has hidden a portion of the business’s assets or you have not kept good records, a forensic accountant can help you unravel a complex financial trail. In most cases, the court will assess your business’s value based solely upon its assets and liabilities. If your business is partially dependent on your reputation, though, the court may adopt a “goodwill” approach to determine your business’s current and future value. Determine How Your Business Will Be Managed If you and your ex are co-owners of your business, settling your case is the best option. Otherwise it could be left to a court to decide how you manage the daily operations of your business – or even who...