Business Network Florida
Companies:71,348
Products and Services:2,314
Articles and publications:1,349
Tenders & Vacancies:11

Can I Sell My Business During A Divorce?
Information may not be reliable

Can I Sell My Business During A Divorce?
1/19/2021
Do you want to learn more about your right to sell your properties during a divorce? For your legal queries, Call Marquez Kelly-Law at 239-214-0403

Total income, belongings, and debts obtained within the marriage are generally marital belongings. Properties acquired individually prior to the marriage are considered  separate property and should not be burdened with the equitable distribution.

 

Properties in Florida are subjected to be divided equally during a divorce. As a matter of fact, even debts and other assets are to be distributed equally. If you undertake a business during your marriage, the business and the properties acquired during the marriage are deemed marital assets. Thus, should be divided between the spouses equally.

 

As a rule, a spouse may sell his or her business during a divorce especially if the subject property is a property not acquired during the marriage and not part of the marital property regime. However, if the other spouse has  ownership rights too, the spouse who sold the property is obligated to compensate the other. 

 

The case for the dissolution of a marriage does not have an adverse effect on the practice of ownership rights, such as, but not limited to, the sale of real property. The compensation mentioned above relates to the equitable distribution principle where the real estate should always be divided fairly. Yet, most of the time, the courts apply the absolute community property rule where spouses should observe the equal distribution of the properties. 

 

On the other hand, if the spouse is part of the business undertaking, his or her share from the real estate should always be appraised to identify the fair distribution of the property. The actual valuation process would be very important to determine the property's actual value. 

 

Moreover, if the Divorce case affects a business, the business may have its own Attorney to protect its interests. 

 

In determining the equal distribution of such an asset, debts are also factored in because a spouse is not only entitled to the asset value, but also the debt associated with the business. So, the overall value would have a net amount, the value minus the debts associated with the business, and the court will ultimately determine the division as such between Husband and Wife.

 

Every court in Florida has a status court order that provides guidelines to the parties regarding how marital properties be disposed of. The court may additionally evaluate marital properties to determine the valuation of the properties during the time of the dissolution of marriage. As part of the process, the court may observe corrective measures when it proves that the parties undertook actions to hide assets or destroyed properties in anticipation of the divorce. Moreover, the court may acquire the discovery procedures to learn more about the property subject to distribution, which may require the submission of bank statements, monetary statements of investments, and other similar in nature. 

 

Under Florida divorce law, an “equitable distribution” of the marital assets and liabilities is mandatory. This  covers both real and personal properties acquired or obtained during the marriage period. As a general rule, the courtroom will divide marital assets and liabilities 50/50 except when the fair share principle applies. 

 

If real estate is subjected to a sale as part of the divorce process, the accurate determination of the partition is strongly advised to be officially recorded.

 

If you have owned a business during your marriage, speak with an experienced family law attorney to better understand your rights and options.

Do you wish to learn more about your right to sell your properties during a divorce? For legal queries, call Marquez Kelly-Law at 239-214-0403 or message us for a Free Half-Hour Consultation today.

view all (42)

Other articles and publications:

Dіvоrсе іѕ extremely dіffісult fоr both parties involvеd. Tо lеаrn how dаtіng durіng a divorce could іmрасt уоu, соntасt Marquez-Kelly Law for a consultation.
4/19/2021
Getting a divorce is stressful and never easy. For many, the process is long and tedious which many couples find hard, made legal complications and makes worse to worst situations.
3/20/2020
How Will Divorce Affects My Properties Acquired How Will Divorce Affects My Properties Acquired
Information may not be reliable
Contact Marquez-Kelly Family Law Attorney of Fort Myers & Cape Coral at 239-214-0403 to discuss if divorce affects properties acquired before and during marriage
12/28/2020
It’s important to point out that Florida courts may look for a potential dissipation of assets, where you incurred debt due to reckless behavior by your spouse.
2/19/2021
Your paternity case should not be taken lightly because the interest of your children is at stake. Use the services of an experienced Family Law Lawyer in the person of Mellany Marquez-Kelly
11/6/2019
Burdened with the pain brought about by a Petition for Divorce is a dreadful situation. This pain affects your regular life routine as it distresses your emotions and freezes your logic.
10/16/2020

Articles and publications of other companies:

In Fort Myers, offenders may sometimes be granted with probation or a temporary release from detention but subject to the supervision of a probationary officer during the period of good behavior.
8/28/2019
The determination of effective civil litigation is dependent on the efficiency and know-how of the legal counsel where planning and utmost preparation are deemed some of the factors to be considered.
9/25/2019
Business details
  • +1 (239) 214-0403
  • 2077 First St #204, Fort Myers, FL 33901
As an experienced Family Law Attorney of Marquez-Kelly Law, Mellany Marquez-Kelly, can help you navigate the complexities of the legal system in reaching any modification determination that is fair.
×