Protecting business assets during a divorce

Divorce is rarely easy or convenient for any couple, but certain factors can create additional confusion and complication such as whether or not a couple has children or own a business together. For couples who have undertaken business endeavors together in Florida, separating assets will undoubtedly need to be done carefully.

The Huffington Post provides couples with sage advice for effectively protecting their business in the event of a divorce. These suggestions include the following:

  • Keep finances in check: A positive financial record, devoid of unnecessary debt or discrepancies can significantly expedite the process of asset separation during divorce. With all financial expenditures reconciled immediately, asset separation can commence that much faster.
  • Separate personal and business: Couples should take great care not to mix their personal and business finances. Doing so can cause confusion and create tension as couples disagree on who owns what or who has spent money that may be missing from ledgers.
  • Limit borrowing: While a couple may be tempted to build their business with personal loans coming directly from a personal bank account, doing so can be detrimental in a divorce. Should a couple need to borrow money, they should accept a loan from a third-party organization to keep finances separated.
  • Sacrifice other assets: When the separation of business assets begins during divorce proceedings, a business could be in peril if terms are not negotiated the right way. Couples may need to sacrifice other assets like vehicles or properties in order to maintain their business and its success.

According to a report by the American Psychological Association, in the United States nearly 40 to 50 percent of all marriages will end in divorce. 

No Comments

Leave a comment
Comment Information
Email Attorney Brennan

Contact Me To Arrange A Consultation Call 239-963-8895 or fill out the form below to schedule a consultation regarding your family law concerns.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

map icon

Beverly L . Brennan Attorney & Counsellor At Law - Naples Florida

Beverly L. Brennan, P.A.
3033 Riviera Drive - Suite 202
Naples, FL 34103

Toll Free: 877-482-5176
Phone: 239-963-8895
Fax: 239-434-0114
Naples Law Office Map