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Can You Retain Ownership of the Business after Divorce?

Starting a business together with your spouse is one of the most exciting moments you can share together. Planning, developing, and bringing to life what was just an idea is such a rewarding experience and one that is filled with optimism and energy, especially in those early days. As you know, it has to be if you want to truly get your business off the ground and running.

But for some, there comes a time when that optimism wanes and your relationship with your spouse turns sour – or you simply decide to go different ways. When divorce becomes inevitable, it can be difficult to maintain a professional and successful business relationship. So what happens to your business when you decide to get a divorce?

Understanding Business and Marital Assets

When businesses are part of a divorce, the courts must decide if the property is a marital or separate asset. At a very high level, businesses acquired during the marriage and with joint funds are considered marital assets, and ownership that was acquired prior to the marriage are considered separate, though not always, especially if the net worth of the business grew significantly during the marriage.

How the business is handled as part of the divorce is one component of the process. Additionally, the couples must also decide how they want to handle the dissolution of their business if they choose to dissolve it.

As a co-owner of your business, you have the choice to continue the business partnership as is even after divorce. Alternatively, you may choose to buy from or sell to your ex your half of the business, or you may choose to sell the business in its entirety and split the profits with your ex.

If retaining ownership of the business after divorce is important to you, there are certainly ways to make that happen. Get in touch with an experienced business attorney and don’t hesitate to reach out to us for guidance with your divorce and business questions as we well.

Author Bio

Vanessa Vasquez de Lara is the founder and owner of Vasquez de Lara Law Group, a Miami family law firm. With over 20 years of experience in family law, she has zealously represented clients in various legal matters, including divorces, child support, child custody, alimony, and other family law cases.

Vanessa received her Juris Doctor from the University of Miami School of Law in 2002 and is a member of the Florida Bar Association. She has received numerous accolades for her work, including being named to the 2015 Super Lawyers Rising Stars and the 2016-2023 Super Lawyers list.

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