When you want to understand more about how assets will be divided during your divorce, it is important that you pay attention to the specific laws relevant to your state. This is because state laws largely determine how assets will be divided. In the state of Florida, the equitable distribution model is followed for asset division in a divorce.
The equitable division model differs to the community property state because it uses a variety of factors to establish how assets should be divided. In states that follow community property law, all jointly owned assets are divided equally and blindly between each spouse. But equitable division states recognized that every divorce is different and that care should be taken in dividing assets in a fair way for both parties.
What does equitable division mean for dividing a business?
Dividing complex assets such a business can take a lot of negotiation during a divorce. Many divorcing spouses decide to try mediation so that they can come to a mutual decision. If the courts are left to decide what is equitable, they will take a number of factors into consideration.
The interest in each party’s stake in the business will be assessed. If one divorcing spouse wants to keep the business and the other does not, the decision will be a simple one. Each spouse’s contribution to the marriage, including the task of caring for children, will be taken into account. In addition, the contribution that each spouse made toward the success of the business will be evaluated.
If you are going through a Florida divorce and you want to ensure that you keep your business, it is important that you learn more about the law. An experienced attorney can help.