Divorce is always stressful, as it can mean many life changes. However, divorce can be especially stressful when there are business interests on the line. Owning their own business has become more and more popular for married couples, either due to the fewer job prospects in today’s economy, the flexibility that online businesses can now offer, or simply because they want to work for the good of their family and not for a corporation. However, owning a business can be complicated if two married owners decide to get a divorce.
What will happen to a business in a divorce depends on many different factors, including whether one spouse owned the business first and whether one or both spouses want to continue with the business after the divorce.
If You Owned the Business Prior to Marriage: If you came into your marriage with an established business, Florida would consider the business interests at the time of the wedding to be non-marital property and you would get to keep that. However, if the business increased in value during the marriage, your spouse will be entitled to division of the additional value. The same goes if your spouse came into the marriage with a pre-existing business. Continue reading ›