Divorce is almost always a legally, emotionally, and financially complicated process, even if you and your spouse have agreed that separation is in both your best interests. However, when two people are not only legally married to each other but also co-owners of a business, a divorce can be exceptionally complex. This is especially true if there are disputes—as there frequently are—about the future and exact worth of your company.
In situations like this, it can be crucial to have support from an attorney who has experience handling challenging divorce proceedings. A divorce lawyer for business owners in Jacksonville could help you navigate the unique financial and personal concerns involved in business ownership during divorce. Our team here at the Law Offices of Jason K.S. Porter, P.A., could work closely with you to ensure you make the right decisions at the right time to protect your long-term interests as effectively as possible.
Options for Dividing Business Interests After a Divorce
Business interests acquired during a marriage are generally considered to be marital property regardless of whether the business itself is owned by just one spouse. Therefore, the asset division process in divorces involving business ownership in Jacksonville will almost certainly require the assistance of an attorney to identify, value, and equitably divide stakes in the business. The most common way for this to occur is for one spouse to sell their stake in the business to the other, thereby giving the other party full control of the business in exchange for some other form of compensation.
However, it is also possible to simply sell the business outright and split the sale proceeds equally between each party to the divorce. Alternatively, divorcing spouses may choose to continue normal business operations as business partners without being legally married to each other. Your attorney could discuss your options and offer guidance about the best solution for you during an initial consultation.
How Are Businesses Valued During Divorce Proceedings?
Our team could provide vital support when it comes to determining a fair financial value for your stake in a business or business assets shared with your spouse. This kind of help can be crucial not only to advocate for yourself more effectively advocate for yourself during private negotiations, but also because valuing business interests can be a deceptively subjective process that must account for real assets and liabilities, current market value, future earning potential, and capital structure, among other factors.
Depending on the circumstances, it may be appropriate to value a business based on its stock price, as a multiplier of its overall revenue, with consideration given to the current economic and industry climates, based on its estimated liquidation value, or a host of other factors. Our Jacksonville business owner divorce lawyers could guide you through this uniquely challenging process and make sure your best interests are protected from start to finish.
Call a Jacksonville Attorney To Discuss Dividing Business Assets During Divorce
When the division of business assets plays a role in a divorce, it is often the most contentious aspect of that divorce. You should know, though, that you have every right to protect your own business interests while legally dissolving your marriage, and that capable legal professionals could help you do so.
The Law Offices of Jason K.S. Porter, P.A., could provide the unique guidance you need to achieve the best possible resolution to your divorce proceedings. Problems? Pick Porter!TM Call today to learn more about what a divorce lawyer for business owners in Jacksonville could do to assist you.