Business and Divorce

Divorce can be a complicated thing, and this is especially true when there’s a business at stake. If you or your spouse owns a business and you’re thinking of parting ways, you may be very concerned about the future of the venture. Like so many other things in divorce, who gets an item is largely predicated on the circumstances around it. If you have a company and you’re going through a divorce and would like guidance, contact the Boca Raton divorce lawyers of Eric N. Klein & Associates, P.A. by calling 561-353-2800 today.

Who Gets the Business?

The person who owns the business when the dust settles depends largely on who owns it. Again, this depends on the circumstances of the divorce. If you owned the company coming into your marriage, you will almost certainly leave the divorce with the company as well. However, if the company has grown over the course of the marriage, your spouse may be entitled to a share of the increase in value.

If a business was founded during the marriage, though, both spouses may have a claim to the ownership of the business. The value of the corporation may be considered in totaling the value of joint marital property. If your spouse formed the company himself or herself, you probably aren’t entitled to the company itself. However, you may be entitled to a share of the value.

If you and your spouse are partners in the company, you can continue to operate the business after the divorce if you so choose. If you decide that this would be too difficult, or just not feasible, you could count the company toward the value of communal property.

Contact Us

If there’s a business wrapped up in your divorce, contact the Boca Raton divorce attorneys of Eric N. Klein & Associates, P.A. by calling 561-353-2800 for the assistance you need.