My wife and I own a business here in Florida. She wants a divorce and I have lots of money tied up in the business. I have recently gotten another job but feel like I'm entitled to proceeds from the business as well being that I'm part owner. She doesn't think she should have to give me anything from the business.
In a divorce action, any business owned by either one or both of the parties, that was formed during the marriage, is a marital asset. As such, it is subject to being divided by the court. The starting place for this division (equitable distribution) is a 50-50 split, although there are a number of factors that can tilt the scales to something other than 50-50.
That being said, the court will need to have a value placed on the business, which is usually done by an expert business valuator. If the business consists of the personal good will of one or both of you, then that "personal good will" is not subject to being divided, and it will decrease the value of the business in the eyes of the court.
Even if the business has value to be divided, it is possible that you could retain other assets in the marriage in exchange for your wife keeping the business.
So, as in most cases, you have to look at all the assets and liabilities of the marriage, but, standing alone, it is unlikely she can just keep the business if you can prove the value if that asset.
I hope this helps!
Good luck,
Cindy Vova
Law Offices of Cindy S. Vova, P.A.
Broward/Boca Raton
954-316-3496/561-962-2785
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