When A Fort Lauderdale Divorce Threatens More Than Your Marriage: How to Protect Your Business

For many business owners, their company is more than just a source of income. It’s their life’s work and reflects massive amounts of time and energy. If you are getting a divorce in Fort Lauderdale, that business may become one of the most contested assets.

Whether you run a small family operation or a larger enterprise, divorce can raise serious concerns about ownership, valuation, and control. Fortunately, Florida divorce laws provide options to protect your business interests before, during, and after a break-up. Our experienced Fort Lauderdale divorce lawyer explains how you can limit disruption and ensure your company continues to thrive.

Business-Related Issues Common in Fort Lauderdale Divorce Proceedings

The Sunshine State ranks number one in the country for entrepreneurship. According to the Florida Governor’s Office, over 650,000 new businesses start each year. If you are a business owner going through a Fort Lauderdale divorce, be prepared for potential disputes over property division.

Under the Florida Statutes (Section 61.075), marital property and assets are divided equitably, not evenly. Your business may be subject to equitable division, especially if it was started or grew during the marriage. Business owners often face:

• Valuation disputes to determine what the business is actually worth, which often requires forensic accounting.
• Co-ownership conflicts in which one spouse may claim a share of profits or decision-making power.
• Income calculation issues over whether business income reflects personal or company earnings.
• Accusations that one spouse is manipulating records to hide value.
• The business suffers when litigation distracts the owner or affects the brand.

The earlier you address these issues with an experienced Fort Lauderdale divorce lawyer, the more control you’ll have over the outcome.

How To Protect Your Business During a Fort Lauderdale Divorce

Going through a divorce is a painful experience, but as a business owner, there are practical matters you need to address. Our experienced Fort Lauderdale divorce lawyer helps clients in these cases and recommends taking these steps:

• Gather all relevant financial documentation, including tax returns, balance sheets, payroll, and business bank statements.
• Clarify ownership of the business, your spouse’s contributions, and whether the business began before or during the marriage.
• Get a professional valuation to strengthen your position in negotiations.
• Separate business and personal finances and avoid using company funds for household expenses.
• Consider a postnuptial or shareholder agreement, which can define each spouse’s rights and reduce uncertainty.

Broward County judges typically try to avoid damaging an ongoing business. In many cases, the owner can retain control by offsetting their spouse’s share with other assets.

Talk to a Fort Lauderdale Divorce Lawyer Who Understands Business Ownership

You’ve invested significant amounts of time and energy in your business. If you are getting a divorce in Fort Lauderdale, get professional legal help to protect it.

At Vanessa L. Prieto Law Offices, we understand what is at stake and have the experience needed to protect your rights. To get our experienced Fort Lauderdale divorce lawyer on your side, give us a call or contact our office online. Request a consultation today.

Sources:

flgov.com/eog/news/press/2023/florida-ranks-1-nation-entrepreneurship

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html