Starting a new business can be an exciting venture. It can fill you with hopes for success and helping your community. However, what if you are in the middle of a divorce in Florida?
You might wonder whether it is wise to open your business while your divorce is pending.
Protecting your interests
Naples is a good area in which to do business. However, to safeguard your interests and avoid potential complications, it may be better to wait to launch a new company. This will ensure that your business remains separate from marital assets. It reduces the risk of disputes with your spouse.
Legal ramifications of starting a business during a divorce
In Florida, marital assets are subject to equitable distribution. They go fairly, though not necessarily equally, to the spouses.
When you start a business during your divorce proceedings, the business could be a marital asset. This could be the case even if you start everything related to it after the separation. The business and its profits could be subject to division between you and your spouse rather than be yours alone.
Consideration of future complications
Starting a business during a divorce can also complicate the proceedings. It may prolong the process. Your spouse may argue that you created the business with marital assets or that a portion of its profits should go to your spouse. This could lead to disagreements and potentially lengthy court battles.
The importance of timing
Waiting for your divorce to be final can provide clarity and protection for your assets. Once the divorce is final, any businesses you start will likely be separate property. They should not be subject to division in the divorce settlement.
By considering the timing of your venture, you can better position yourself for success in both your personal and professional life.
