What to Do When Dividing Business Assets during Divorce

Couples will have to divide a significant amount of personal property during their divorce, but when a couple owns a business together, they have more complicated decisions to make.  Whenever a couple owns a business together, their divorce stakes are much higher.  Now, they will have to understand everything that goes into dividing business assets during divorce so that they can situate themselves in a good spot financially for their future.  This business likely provides a source of income and is a property asset for the couple, so you'll want to consider the financial and emotional repercussions of this decision.  There are a few things you should do when dividing business assets during your divorce.

Establish Your Priorities

Before you start to divide your business assets, you will need to talk to your spouse about the ideal outcome for both you and your business.  Is it possible to buy your spouse's shares to keep the business in your name?  Is it a proper time to sell the business?  There are many options that can set you up for financial success in the long run, and you'll want to take the time to establish your priorities before you get started.   Understanding what you want or need from your business and your spouse will help you to make the best choice.

Set Business Goals

You will also want to discuss what the vision for the business is after your marriage is over.  Do you want to continue with business?  Do you want to sell the business?  Are you looking to remain a part of the business?  All of these questions will need to be addressed before you start dividing business assets in Orlando.  Determine whether you want to gain full control of the business, let the business go entirely, or start over with a new business venture before you get started.

Value Your Business

Anytime you are working through the division of business assets, you will want to have your business valued.  A professional appraiser will assist you by giving you a true value of your business, and this number can help you make the best choice for your future.  This information is critical in ensuring that you do what is best for your business and your financial future.  Under or overvaluing the business can result in an unequal division of your business assets, which can cause trouble down the road.

These are a few things you should do when you are dividing business assets during your divorce.  As a trusted family law practice in Orlando, we can provide legal counsel during this tough process to ensure that both you and your spouse are making the best decisions for your financial future.  Contact us to schedule a consultation with our expert attorneys today.