What Happens to My Business During a Divorce?

One of the biggest obligations during a divorce is dividing up marital property and distributing it between both spouses. This means collecting all the joint property and deciding who gets what. Furniture, records, cars, even the house: everything has to be divided up. Depending on the situation, this may also include any businesses you own. If you’re interested in learning more about how a divorce could affect your business, contact the West Palm Beach divorce lawyers of Eric N. Klein & Associates, P.A. by calling 561-353-2800 today.

When One Spouse Owns the Business

If you came into the marriage already owning the business, you will likely leave the marriage with the company. However, if the company has increased in value since the wedding, the increased worth may be divided as property. Conversely, if one spouse owns a business which was founded after the marriage, the value of the business is absolutely considered in the property division of the marriage.

When Both Spouses Own the Business

If both spouses are partners in the business, they can continue to be partners after the divorce. If this is impossible or unfeasible, one spouse can sell his or her share in the business to the other spouse.

Contact Us

Figuring out what to do with a business following a divorce can be a very stressful thing, and you may want to talk things over with a lawyer. If you’re worried about what will become of your business after your divorce, contact the West Palm Beach divorce lawyers of Eric N. Klein & Associates, P.A. by calling 561-353-2800.