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Are business assets protected in a divorce?

by | Jun 15, 2015 | Firm News, High Asset Divorce |

If you are like many people in Florida today, you may have an interest in a business. This may be a direct interest such as being an owner and operator. It may be a more passive interest such as being an investor without day-to-day involvement in the running of the business. You could have property interests or simply financial interests. Regardless of your level of involvement, the financial implications to you if you get divorced can very much include the business assets.

There are some ways, however, that your business or interest therein can be protected during a divorce. This can always be helpful but is of particular interest to anyone who finds themselves embroiled in a high asset divorce. According to an article in Inc., you should ensure that you collect a salary that is reflective of the true market value of your work. The reason for this is simple. If you redirect most or all of your money back into the business, your spouse can assert that funds that should have been directed to the marital household were instead given to the business. This in turn opens the door to the business assets being considered a part of the marital property.

If your spouse has been involved with the business in any fashion, the assets are then also more likely to be considered as joint for the purposes of the asset division. Think twice before having your husband or wife participate in the business, provide suggestions or other such activities.

This information is not intended to provide legal advice but general information about how to protect valuable business interests and assets when getting a divorce in Florida.