Like your home, your art collection and your vintage T-Bird, your family business is an asset, possibly the most important asset you own.
If you are facing divorce, your business will become a focal point of the property division process. What will happen to it? Here are three options to consider.
1. Put the business on the market
Perhaps the most obvious choice is to sell the business outright. First, you will have to engage a professional to perform a valuation so you know what the appropriate selling price should be. Once sold, you and your spouse could split the profits and move on. Keep in mind that if the business does not sell quickly, the two of you may have to work together longer than you anticipated.
2. Perform a buyout
Perhaps your spouse is not as emotionally invested in the business as you are and would agree to a buyout. Again, you will need a valuation. If you do not have sufficient funds for the transaction, consider an exchange of assets having a similar value.
3. Continue on as partners
If you and your soon-to-be-ex believe you can continue working together following the divorce, continuing as business owners would be a simple solution. However, this option probably will not work if your divorce promises to be less than amicable.
Seek professional guidance
Remember that Florida is an equitable division state in which marital property is divided as fairly as possible during a divorce. This will be the case with respect to your family business. Seek professional advice to help you choose the best option for the disposition of this important asset.
