If you operate a business with your spouse, getting a divorce can be significantly more difficult. There are a lot of extra steps involved and you have much more to lose if things don’t go in your favor. Navigating a divorce when you own and operate a business requires the help of an experienced Naples, Florida divorce attorney. Here’s what to know and how Kevyn Noonan Hayes, P.A. can assist you.

Determine If the Business Is Joint or Separate Property

There are two kinds of property in a Florida divorce – marital property (also called joint property) and separate property. Joint property is any material asset that was obtained during the course of the marriage, regardless of which spouse accrued the asset or whose name the asset is in. Separate property is any asset that one spouse brought into the marriage or owned prior to the marriage and is exclusively in one spouse’s name.

For example, if your spouse owned the business before you got married and you simply started working with them after the wedding, the company may be considered separate property belonging to your spouse. If your spouse started the business after you were married though, the company may be considered joint property, even if you never helped with the business itself at all. Your attorney can help you assess which category your business is most likely to fall under.

Assess the Worth of the Company

If the company is jointly owned, you need to determine how much the business is actually worth. This is called business valuation. A valuation only needs to be done in the case that the company is considered marital property. Separate property doesn’t need to have a value since ownership of those assets simply remains the same.

To Sell or Not to Sell?

Once a value is determined, you can begin negotiating the company’s ownership. Will one spouse purchase the shares owned by the other to take over? Will you choose to sell the business and split the profits evenly with your spouse? Which is best depends on your individual circumstances your attorney can help you decide.

How a Naples, Florida Family & Divorce Lawyer Can Help

If you’re an entrepreneur and are interested in getting a divorce, it’s crucial to work with an experienced Florida family lawyer to protect your rights to assets that are rightfully yours. Call Kevyn Noonan Hayes, P.A. for a consultation at 239-591-6248.