Orlando Business Divorce Lawyer

If you or your spouse owns a business in Orlando, Florida, dividing your financial interests during a divorce can be complicated. An Orlando business divorce lawyer can help you determine whether the business is marital property, assess its value, and address how it should be handled in the divorce. Contact McMichen, Cinami & Demps today to schedule a free consultation at 407-898-2161  and learn more about your options.

Business interests can represent a significant portion of a couple’s assets. Our family law firm helps clients address business ownership, valuation, and equitable distribution while working to protect their financial interests and the future of the business.

Why Choose McMichen, Cinami & Demps for Help With a Business Divorce in Orlando?

McMichen, Cinami & Demps brings 50 years of combined experience to complex family and financial matters in Orlando, FL. An Orlando divorce attorney from our firm can help you address the issues that arise when a business or ownership interest is involved in your divorce.

Our legal team includes:

• An attorney who is Board Certified in Marital and Family Law
• Attorneys trained in collaborative law

Business ownership can make property division more complicated, particularly when spouses disagree about the value or marital portion of a company. Our Orlando family lawyers can help you understand your rights and work to protect your financial interests.

Contact us today to schedule a free consultation and discuss your options.

How Is a Business Handled During a Florida Divorce?

A business or ownership interest may be considered marital property if it was acquired during the marriage. A business owned before the marriage may be nonmarital property, but some of its increased value can potentially become marital when the increase results from either spouse’s efforts or the use of marital funds.

Florida courts divide marital property through equitable distribution. The process generally begins with identifying which assets and liabilities are marital and which are nonmarital. The court then determines how the marital property should be distributed between the spouses.

A business does not necessarily have to be sold or divided between the spouses. Florida law allows courts to consider the desirability of keeping an interest in a business, corporation, or professional practice intact and free from the other spouse’s claim or interference.

How Is a Business Valued in a Florida Divorce?

Determining the value of a business can be an important part of dividing marital property. Financial records, assets, liabilities, income, ownership interests, and other information may need to be reviewed to establish the value of the marital interest.

Under Section 61.075 of the Florida Statutes, fair market value is used to value a marital interest in a closely held business. Enterprise goodwill that exists separately from the continued presence or reputation of the owner spouse may also be considered a marital asset.

Business valuation can become especially important when one spouse plans to retain the company. Establishing an appropriate value helps determine how the business should be accounted for as part of the overall equitable distribution of marital property.

Is a Business Always Marital Property in Florida?

No. Whether some or all of a business is marital property depends on when and how the business interest was acquired and what happened during the marriage.

A business interest acquired during the marriage is generally considered a marital asset. If one spouse owned the business before the marriage, the original ownership interest may be nonmarital. However, an increase in its value resulting from either spouse’s efforts during the marriage or the use of marital funds may have a marital component.

Determining the marital and nonmarital portions of a business can require a careful review of ownership records, financial documents, and the history of the company.

What Can Happen to a Business in a Divorce?

Dividing a business interest does not necessarily mean physically dividing the company or forcing it to close. Depending on the circumstances, the spouses may agree on how to account for the business, or the court may address its value as part of the overall property division.

Possible outcomes may include:

• One spouse retaining the business while the other receives other marital assets
• One spouse buying out the other spouse’s marital interest
• Using a monetary payment to account for the other spouse’s share
• Selling the business and addressing the proceeds through equitable distribution

The appropriate approach depends on the value of the business, each spouse’s ownership rights, the other marital assets available, and the circumstances of the divorce.

How Can I Protect My Business Interests During a Divorce?

When a business is involved in a divorce, accurate financial information can be critical. Business owners should preserve relevant records and avoid making unusual financial or ownership changes that could complicate the divorce.

Important records may include:

• Business and personal tax returns
• Profit-and-loss statements
• Balance sheets
• Bank statements
• Ownership and shareholder records
• Operating or partnership agreements
• Payroll records
• Business debt information
• Records concerning major assets and transactions

An Orlando business divorce lawyer can review the circumstances surrounding the business and help identify the financial and legal issues that may affect equitable distribution.

Schedule a Free Consultation With an Orlando Business Divorce Lawyer

A business can be one of the most valuable and complicated assets involved in a divorce. Determining its marital portion, establishing its value, and deciding how it should be treated can have significant financial consequences for both spouses.

McMichen, Cinami & Demps can help you address business ownership and other complex property issues during your divorce. Contact our Orlando business divorce attorneys today to schedule a free consultation and discuss your options.