Articles and topics covering Florida divorce law, lawyers, attorneys, and law firms in Orlando, Florida (FL) and the counties of Orange County, Brevard County, Polk County, Osceola County, Seminole County, and Lake Counties for uncontested divorces and contested divorces with marital assets and high net worth cases such as doctors, CEOs, entrepreneurs.

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The Impact of Florida Divorce on Family-Owned Businesses

The Impact of Florida Divorce on Family-Owned Businesses

Protecting Business Interests in High Net-Worth Divorce Cases

Orlando is home to many successful professionals and business owners who have built their companies from the ground up. For those going through a high net-worth divorce, protecting a family-owned business becomes a major concern. Whether you are the spouse who owns and operates the business or the one who supported its growth, the outcome of your divorce will significantly impact its future.

At Beryl Thompson-McClary, P.A., we understand the complexities of high-asset divorces, particularly when business ownership is involved. We represent both business owners seeking to protect their life’s work and spouses entitled to their fair share of business assets. Every case is unique, and a tailored legal approach is essential to ensuring financial security and a just outcome. If you need guidance, call 1-888-640-2999 to schedule a consultation.

How Florida Law Treats Family-Owned Businesses in Divorce

Florida follows equitable distribution laws, which means that marital assets, including business interests, are divided fairly—not necessarily equally. Whether a business is considered marital or non-marital property depends on several factors, including when the business was established, whether marital funds were used to support it, and whether both spouses contributed to its growth.

Under Florida Statutes § 61.075, the court determines asset division based on factors such as:

  • Whether the business was started before or during the marriage
  • How much marital labor or assets contributed to its success
  • The increase in business value during the marriage
  • Any existing agreements, such as prenuptial or postnuptial contracts

Protecting a Business in Divorce

For business owners, divorce can pose a serious threat to operations, profitability, and ownership structure. Without proper legal protections, the court may award a portion of the business to the non-owner spouse, require liquidation, or order financial adjustments to offset its value.

Some key ways to protect business interests in high net-worth divorce cases include:

1. Prenuptial or Postnuptial Agreements

A well-drafted agreement that clearly defines ownership and asset distribution can prevent disputes before they arise. Courts generally enforce valid agreements unless they are found to be unconscionable or signed under duress.

2. Business Valuation

Determining the accurate value of the business is critical in divorce proceedings. A forensic accountant may assess:

  • Business assets, liabilities, and revenue
  • Cash flow and projected earnings
  • Market comparisons and goodwill valuation

The valuation process directly affects how much a spouse may receive in the settlement or whether other financial adjustments are necessary.

3. Buying Out the Other Spouse’s Interest

If the business is classified as marital property, the owner spouse may need to compensate the other spouse for their share. This can be done through a structured buyout, offsetting with other marital assets, or securing financing to maintain sole ownership.

4. Establishing Trusts or Separate Entities

Some business owners restructure ownership by placing their business interests in trusts or separate legal entities before marriage or divorce proceedings. However, courts may still evaluate whether these actions were taken to avoid equitable distribution.

When You Are the Spouse Entitled to Business Assets

If you supported your spouse in building or maintaining the business, you may be entitled to a significant share of its value. Contributions can include:

  • Direct involvement in business operations
  • Financial investments in the company
  • Taking on household responsibilities to allow the other spouse to focus on business growth

Even if you are not listed as an owner, Florida courts recognize indirect contributions and may award compensation through a lump-sum payment, spousal support, or asset division.

Tax Implications of Business Asset Division

Dividing a business in divorce can have significant tax consequences, particularly when selling shares, transferring assets, or structuring alimony payments. Florida courts consider:

  • Capital gains taxes on business sales
  • Tax-deductible spousal support payments
  • Depreciation and asset write-offs affecting post-divorce finances

Proper legal and financial planning can help reduce tax liabilities and maximize financial security.

How High Net-Worth Divorces Affect Business Operations

Divorce proceedings can directly impact daily business operations, including:

  • Loss of business focus due to legal disputes
  • Employee concerns about company stability
  • Client uncertainty affecting contracts and partnerships
  • Legal fees and financial strain on business resources

To minimize disruption, it is essential to work with an Orlando high net-worth divorce attorney who understands both the legal and business implications of divorce.

Legal Strategies for Business Owners and Their Spouses

Divorces involving business assets require strategic planning to protect financial interests and maintain business continuity. Some legal options include:

1. Structured Settlements

Instead of selling or splitting the business, one spouse may receive compensation through structured payments over time, preserving operational control while ensuring a fair settlement.

2. Co-Ownership Agreements

In rare cases, divorcing spouses choose to remain business partners post-divorce. This requires clear agreements on roles, responsibilities, and financial distributions.

3. Liquidation

If maintaining the business is not financially viable, liquidation may be an option. This requires careful tax and financial planning to ensure a fair division of proceeds.

Why Choose Attorney Beryl Thompson-McClary?

High net-worth divorces require a law firm with the experience to handle complex asset division, business valuations, and tax implications. At Beryl Thompson-McClary, P.A., we represent both business owners and their spouses to ensure fair and legally sound outcomes.

If you are considering divorce and own a family business, or if your spouse owns a business and you want to protect your financial interests, call 1-888-640-2999 to schedule a consultation.

Frequently Asked Questions About Divorce and Business Ownership in Florida

How does a Florida divorce affect ownership of a family business?
Florida law requires equitable distribution of marital assets, which can include a family business. The outcome depends on whether the business is classified as separate or marital property, as well as how much the non-owner spouse contributed to its success.

What if my spouse and I co-own a business together?
If both spouses are legal business owners, there are several options: one spouse buys out the other, the business is sold and the proceeds are split, or both continue operating it under a formal partnership agreement.

Can a business be considered separate property in a Florida divorce?
A business may be classified as separate property if it was established before the marriage and did not receive financial or operational contributions from the non-owner spouse. However, if marital funds or labor were used to grow the business, a portion may still be considered marital property.

How is a business valued during a Florida divorce?
Business valuation typically involves reviewing financial statements, assets, debts, earnings, and market value. A forensic accountant may also assess goodwill and future income projections.

What happens if my spouse hides business assets during divorce?
Hiding assets in a divorce is illegal. Courts may impose penalties, adjust asset distribution, or appoint forensic accountants to investigate financial records. An Orlando high net-worth divorce attorney can help uncover concealed business assets.

Will I have to sell my business to pay a divorce settlement?
Not necessarily. Other options include structured buyouts, offsetting with other marital assets, or making financial settlements over time to retain business ownership.

Can I protect my business from future divorce claims?
Prenuptial and postnuptial agreements are effective tools for defining business ownership and protecting assets. Business owners can also establish trusts or separate legal entities before marriage to limit claims.

How does divorce affect business tax obligations?
Dividing business assets can trigger capital gains taxes, impact deductions, and affect financial planning. Tax-efficient settlements help mitigate long-term liabilities.

What are my options if my spouse was the primary business owner?
If you contributed to the business’s growth, you may be entitled to a portion of its value. Courts may award financial compensation through a buyout, alimony, or asset division.

Contact Orlando Attorney Beryl Thompson-McClary at 1-888-640-2999 For Your Initial Consultation

If you’re facing a high-net-worth divorce involving substantial assets, it’s essential to work with our experienced Orlando divorce attorney who understands the complexities of these cases. Call me today to schedule an initial consultation and learn how we can protect your interests and achieve a fair resolution.

Beryl Thompson-McClary
Address: 390 N Orange Ave #2300, Orlando, FL 32801, United States
Hours: Open
Phone: 1-888-640-2999
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Handling Business Valuations During a Florida High Net-Worth Divorce

Handling Business Valuations During a Florida High Net-Worth Divorce

Legal Guidance for Business Owners and Spouses in Orlando

Orlando is home to a thriving business community, with professionals and entrepreneurs building substantial financial success. When a high net-worth couple decides to divorce, one of the most complex issues they face is the division of business interests. Whether you own a company or your spouse does, ensuring a fair and accurate valuation is critical to achieving a just resolution.

I am Attorney Beryl Thompson-McClary, an Orlando high net-worth divorce Attorney, and I help business owners and their spouses navigate the intricacies of business valuations in divorce cases. I work with individuals on both sides of this issue, whether they need to protect their business from being unfairly divided or ensure they receive their rightful share of marital assets. My firm handles high net-worth divorces throughout Orange County, Florida. To discuss your case, call 1-888-640-2999 to schedule a consultation.

Understanding Business Valuations in a Florida High Net-Worth Divorce

Florida follows equitable distribution laws, meaning that marital assets are divided fairly but not necessarily equally. Business interests can be among the most valuable and complex assets involved in a divorce. Determining their worth requires a thorough valuation process.

A business valuation provides a comprehensive analysis of the company’s assets, liabilities, revenue, and potential for future growth. Courts rely on these valuations to determine whether a business is marital property, how much it is worth, and how it should be divided between spouses. This process can be contentious, as each party may have competing interests in how the business is valued.

How Florida Law Defines Business Assets in Divorce

Under Florida Statutes § 61.075, assets acquired during the marriage are generally considered marital property, including businesses started or expanded with marital funds. However, if a business was established before the marriage, part of it may still be considered marital property if its value increased due to the spouse’s involvement or shared financial contributions.

The court will consider:

  • Whether the business was founded before or during the marriage.
  • How much each spouse contributed to its growth.
  • Whether one spouse was actively involved in managing the company.
  • Whether marital funds were used to support or expand the business.

Methods Used to Value a Business in Divorce

There are several methods professionals use to determine the fair market value of a business in a Florida divorce. The method used often depends on the nature of the business and what both parties agree upon.

  • Income Approach: This method calculates value based on projected future earnings, considering the company’s profitability, expenses, and revenue trends.
  • Market Approach: This valuation compares the business to similar businesses that have recently been sold.
  • Asset Approach: This method evaluates the tangible and intangible assets of the company and subtracts liabilities to determine net worth.

In high net-worth divorces, it’s not uncommon for each spouse to hire separate experts, leading to competing valuations. As an Orlando high net-worth divorce Attorney, I work with top forensic accountants and financial experts to ensure my clients have a well-supported valuation that protects their interests.

Addressing Business Ownership and Division in Florida Divorces

Once the valuation is established, the next issue is how the business will be handled in the divorce. The court may consider different options depending on each spouse’s role in the company and their financial circumstances.

  • One Spouse Buys Out the Other: If one spouse wishes to keep the business, they may negotiate a buyout by offsetting the value with other assets such as real estate or investment accounts.
  • Co-Ownership: In rare cases, spouses may agree to continue owning and running the business together post-divorce, though this requires a high level of cooperation.
  • Selling the Business: If neither spouse can afford to buy the other out, the court may order the sale of the business, with proceeds divided equitably.

Each of these outcomes has legal and tax implications that should be carefully considered. My goal is to protect your financial future by ensuring the best possible arrangement for your situation.

Common Disputes in Business Valuation During Divorce

Because businesses can be a significant source of wealth, disputes often arise regarding their valuation and division. Some common conflicts include:

  • Underreporting or Overreporting Income: A business owner may attempt to undervalue the company to reduce the amount owed to their spouse, while the other spouse may argue that the business is worth more.
  • Hidden Assets: One spouse may try to conceal income, assets, or business opportunities.
  • Disagreement on Valuation Method: Each spouse may rely on different valuation experts, leading to vastly different estimates.

These disputes can significantly impact the outcome of a divorce. With strong legal representation, you can ensure the valuation is accurate and that your interests are protected.

Protecting Your Business in a Florida Divorce

If you are a business owner, taking proactive steps before and during a divorce can help protect your company. Some strategies include:

  • Having a Prenuptial or Postnuptial Agreement: A legally binding agreement can define how business interests will be handled in the event of a divorce.
  • Keeping Business and Personal Finances Separate: Avoiding the use of marital funds in business operations can help distinguish the business as separate property.
  • Structuring Ownership Properly: Setting up the business in a way that limits spousal ownership rights can be beneficial.

If you did not put these protections in place before marriage, I can help you develop a strategy to safeguard your business interests during your divorce proceedings.

FAQs About Business Valuations in Florida High Net-Worth Divorces

What happens if my spouse helped grow my business during our marriage?

Even if you owned the business before marriage, your spouse may be entitled to a share of the increased value if they contributed to its success. Contributions may include financial support, operational involvement, or even taking on domestic responsibilities that allowed you to focus on the business.

Can I keep my business if I don’t want to sell it?

Yes, but it often requires negotiating a buyout. This can be done by offsetting the value with other assets, refinancing, or setting up structured payments. My role is to help you find a solution that protects your business while ensuring a fair settlement.

What if my spouse tries to claim more than they are entitled to?

A strong legal strategy is essential to ensure your spouse does not unfairly inflate their claim. I work with forensic accountants and business valuation experts to present an accurate financial picture and advocate for a fair outcome.

How long does the business valuation process take?

It depends on the complexity of the business and whether both parties agree on the valuation. If disputes arise, the process can take months. I work to expedite valuations while ensuring they are thorough and defensible.

What if my business is deeply in debt?

Debts are considered alongside assets. If your business carries significant liabilities, this will be factored into the valuation. Understanding the full financial picture is essential to ensure fair treatment in asset division.

Call Attorney Beryl Thompson-McClary to Discuss Your Case

If you are facing a high net-worth divorce involving a business, you need legal guidance to ensure that your interests are protected. I represent both business owners and spouses seeking their fair share of marital assets. Contact me at 1-888-640-2999 to schedule a consultation and discuss your case.

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Should You Sell Your Business or Keep It During Divorce?

Should You Sell Your Business or Keep It During Divorce?

Protecting Your Business Interests in an Orlando High Net-Worth Divorce

Orlando is home to a thriving business community, with professionals, entrepreneurs, and small business owners contributing to the region’s economic success. When a marriage ends, the fate of a business becomes one of the most pressing concerns for high-net-worth individuals. Deciding whether to sell or keep a business during a divorce requires careful consideration of legal, financial, and emotional factors.

As an Orlando high net-worth divorce attorney, I assist business owners, professionals, and spouses in understanding their rights and options under Florida law. Every divorce is unique, and I work closely with my clients to protect their financial interests while ensuring a fair resolution. If you are facing a divorce and own a business, call me at 1-888-640-2999 to discuss the best approach for your situation. I handle high-net-worth divorce cases throughout Orange County, Florida, and will help you make informed decisions about your business.

Understanding Business Division in a Florida Divorce

Florida is an equitable distribution state, meaning that marital assets are divided fairly, though not necessarily equally. Under Florida Statutes § 61.075, the court examines several factors to determine how a business should be classified and divided. If the business was started during the marriage or its value significantly increased due to joint efforts, it may be considered a marital asset.

Determining whether to sell or keep the business requires analyzing key issues, including:

  • Whether the business is classified as marital or non-marital property
  • The impact of an ownership split on business operations
  • Valuation complexities and tax implications
  • The feasibility of a buyout agreement

Each of these factors can significantly impact the final resolution, making it essential to approach the decision with a clear strategy.

Keeping the Business After Divorce

If maintaining ownership of the business is the goal, several options are available:

Buyout of the Other Spouse’s Interest

One of the most common solutions is a buyout. This allows one spouse to retain full ownership while compensating the other for their share. A fair market valuation is essential in determining the appropriate buyout amount. Florida courts require full financial disclosure, and hiring a business valuation expert is often necessary to ensure accuracy.

A buyout can be structured in various ways:

  • A lump sum payment
  • Offsetting with other marital assets (e.g., real estate, retirement funds)
  • Structured payments over time

Each option has financial consequences that must be carefully evaluated.

Negotiating a Settlement That Preserves the Business

In some cases, spouses agree on a settlement that allows the business owner to continue operations without disruption. This could involve adjusting alimony or other financial obligations to compensate the non-owner spouse fairly.

Legal Protection for Business Owners

If the business is a sole proprietorship or professional practice, keeping control is often a priority. Florida courts may consider the business owner’s role in generating income, especially if the other spouse does not have an active interest in operations. Proper legal guidance can help structure an agreement that secures ownership without jeopardizing long-term financial stability.

Selling the Business During Divorce

In some situations, selling the business is the most practical solution. This may be necessary when:

  • Neither spouse can afford a buyout
  • The business is highly dependent on both spouses
  • Selling would provide both parties with the best financial outcome

How Business Sales Work in a Divorce

A business sale during divorce typically involves:

  • Valuation: Determining an accurate market price through professional appraisal
  • Finding Buyers: Seeking qualified buyers who can purchase the business at a fair price
  • Dividing Proceeds: Allocating the sale proceeds in accordance with Florida’s equitable distribution laws

If the court orders the sale, both parties must comply with legal requirements, ensuring full transparency in financial disclosures.

Tax and Financial Implications of Selling

Selling a business comes with potential capital gains taxes and financial consequences. Proper tax planning can minimize unnecessary burdens, making it essential to consult financial professionals before making a decision.

How Attorney Beryl Thompson-McClary Can Help

As an Orlando high net-worth divorce attorney, I have extensive experience handling complex property division cases involving businesses, professional practices, and high-value assets. Whether you are a business owner seeking to protect your interests or a spouse entitled to a fair share, I will develop a legal strategy tailored to your goals.

  • Comprehensive business valuation guidance
  • Negotiating fair settlements to retain or divide business assets
  • Addressing tax and financial considerations
  • Advocating for clients in high-stakes divorce litigation

If you are facing a divorce that involves business ownership, I encourage you to call 1-888-640-2999 to schedule a consultation. I represent clients throughout Orange County, Florida, and will ensure that your financial future is protected.

FAQs About Selling or Keeping a Business in a Florida Divorce

How does Florida determine whether a business is marital property?

Florida courts examine when the business was established and how it was managed during the marriage. If the business was created during the marriage, it is typically classified as a marital asset. Even if it was founded before marriage, increased value due to joint efforts may make part of it subject to division.

What happens if both spouses want to keep the business?

If both spouses wish to retain ownership, the court may consider factors such as each spouse’s role in operations and financial capability. In some cases, one spouse may be required to buy out the other’s interest. If no agreement is reached, the court may order a sale.

How is a business valued in a high-net-worth divorce?

A professional business valuation is typically required. Experts analyze financial statements, market trends, goodwill, and other factors to determine an accurate valuation. Courts may rely on forensic accountants to assess the business’s fair market value.

Can a business be used to offset other assets in a divorce settlement?

Yes. If one spouse wants to keep the business, they may offer other assets (such as real estate, investment accounts, or retirement funds) to balance the division. Courts allow flexibility in asset distribution to ensure an equitable outcome.

What are the tax consequences of selling a business during divorce?

Selling a business may trigger capital gains taxes, which can impact the overall financial settlement. Consulting with a tax professional before finalizing the sale is crucial to understanding potential tax liabilities.

Does a prenuptial agreement affect business division in divorce?

A prenuptial agreement can provide clear terms regarding business ownership and asset division. Courts generally uphold valid prenuptial agreements, reducing disputes over business interests during divorce.

How long does it take to resolve business-related divorce issues?

The timeline varies depending on the complexity of the case. If spouses can agree on terms, the process may be resolved more quickly. Litigation, however, can extend the timeframe due to valuation disputes and legal negotiations.

What if a business owner hides assets during divorce?

Hiding assets is illegal and can result in severe legal consequences. Courts may impose penalties, award additional assets to the other spouse, or revisit settlement terms if hidden assets are discovered.

Contact Orlando Attorney Beryl Thompson-McClary at 1-888-640-2999 For A Consultation

If you are dealing with business-related concerns in a high-net-worth divorce, I can help you evaluate your options and secure the best outcome for your financial future. Call today to schedule a consultation and receive personalized legal guidance.

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How Long Before a Wedding Should a Prenup Be Signed in Florida?

How Long Before a Wedding Should a Prenup Be Signed in Florida?

Protecting Your Interests in Orlando’s High Net-Worth Marriages

Orlando is home to successful business owners, medical professionals, attorneys, and other high-income individuals who have worked hard to build their wealth. When considering marriage, one of the most important financial planning tools available is a prenuptial agreement. If you’re wondering how long before your wedding a prenup should be signed in Florida, the answer isn’t as simple as picking a date. Timing plays a crucial role in ensuring that a prenuptial agreement is enforceable and provides the intended protections.

As a high net-worth divorce attorney in Orlando, I help individuals on both sides of this issue—those seeking to protect their assets before marriage and those questioning the fairness of a prenuptial agreement after the marriage has ended. At my firm, I provide strategic legal guidance to ensure that any prenuptial agreement is fair, enforceable, and tailored to your unique financial situation. To discuss your case, call 1-888-640-2999 to schedule a consultation.

The Legal Importance of Timing in Prenuptial Agreements

A prenuptial agreement is a legally binding contract that outlines how assets and liabilities will be handled in the event of a divorce. Florida law, specifically Chapter 61, Florida Statutes, governs prenuptial agreements, ensuring that they meet the necessary legal standards to be upheld in court. One of the most common challenges in high net-worth divorces is determining whether a prenup was executed under fair and legally sound circumstances. The timing of signing is often a critical factor in determining whether an agreement is enforceable.

Florida does not specify an exact number of days, weeks, or months before a wedding that a prenuptial agreement must be signed. However, courts often look at whether both parties had ample time to review the agreement, seek independent legal counsel, and avoid any undue pressure to sign. Agreements signed too close to the wedding date may be challenged on grounds of coercion or duress, making them vulnerable to being set aside during divorce proceedings.

When Should a Prenuptial Agreement Be Signed?

From a legal standpoint, the earlier a prenuptial agreement is signed, the better. Ideally, a prenup should be finalized at least one to three months before the wedding. This timeframe allows both parties to fully understand the terms of the agreement, consult with their own attorneys, and negotiate any necessary changes without the stress of an impending wedding date.

If a prenuptial agreement is signed within days or weeks of the wedding, it increases the likelihood that one party may later argue they were pressured into signing. Courts are particularly wary of situations where a prenup was signed on the eve of the wedding or under conditions that made it difficult for one party to fully assess the agreement.

Florida’s Legal Requirements for Enforceability

Under Florida Statute § 61.079, also known as the Uniform Premarital Agreement Act (UPAA), a prenuptial agreement must meet certain conditions to be valid:

  • Voluntary Execution: Both parties must enter into the agreement voluntarily. If there is any evidence of coercion or duress, the prenup may be set aside.
  • Full Financial Disclosure: Each party must fully disclose their assets, liabilities, income, and financial obligations before signing. If one party hides assets, the agreement may be deemed invalid.
  • Fair and Reasonable Terms: Courts can invalidate prenups that are deemed unconscionable—meaning the terms are so unfair to one party that enforcement would be unjust.
  • Proper Legal Representation: While not required, it is strongly recommended that each party has their own attorney to review the agreement. Lack of independent legal counsel may be a factor in invalidating a prenup.

These requirements emphasize why timing is crucial. Signing too close to the wedding date may result in claims of undue pressure or lack of sufficient financial disclosure.

Challenging a Prenuptial Agreement in a High Net-Worth Divorce

If you signed a prenuptial agreement that you now believe is unfair or invalid, there are legal grounds to challenge it in Florida. Some of the most common arguments against the enforceability of a prenup include:

  • Signed Under Duress or Coercion: If you were pressured to sign the agreement just days before the wedding or under emotional distress, a court may find the contract unenforceable.
  • Lack of Full Financial Disclosure: If your spouse failed to disclose the true extent of their wealth, the agreement could be invalidated.
  • Unconscionability: If the prenup is grossly unfair to one party, a court may determine that enforcing it would be unjust.

If you believe your prenuptial agreement is unfair or invalid, I can help assess your legal options. High net-worth divorces often involve complex financial considerations, and I work diligently to ensure my clients’ financial interests are protected.

How I Assist Clients in Prenuptial Agreement Cases

Whether you are seeking to draft a fair prenuptial agreement or challenge one in a high net-worth divorce, I offer legal representation that is tailored to your specific needs. As an Orlando high net-worth divorce attorney, I understand the unique concerns of individuals with substantial assets. I help my clients by:

  • Drafting enforceable prenuptial agreements that protect their wealth while remaining fair and legally sound.
  • Reviewing prenups to ensure all assets are properly disclosed and provisions are reasonable.
  • Representing individuals seeking to challenge unfair or improperly executed agreements in divorce proceedings.

If you need legal guidance on a prenuptial agreement, call 1-888-640-2999 to schedule a consultation.

FAQs About Prenuptial Agreements in Florida

How far in advance should a prenup be signed before a wedding?

A prenuptial agreement should be signed at least one to three months before the wedding to ensure both parties have ample time to review the document and seek independent legal counsel. Signing too close to the wedding date may lead to legal challenges based on coercion or lack of informed consent.

Can a prenup be signed after marriage?

No, a prenuptial agreement must be signed before marriage. However, Florida allows couples to create a postnuptial agreement, which serves a similar purpose but is executed after the wedding.

Can a prenup be changed after it is signed?

Yes, but both parties must agree to any changes in writing. Any modifications should be reviewed by independent legal counsel to ensure fairness and enforceability.

Can a prenuptial agreement be thrown out in court?

Yes, a Florida court can invalidate a prenup if it was signed under duress, lacks full financial disclosure, is grossly unfair, or was improperly executed. If you believe your prenup is unfair, I can review your case and discuss possible legal challenges.

Do both parties need an attorney when signing a prenup?

While Florida law does not require both parties to have separate attorneys, it is highly recommended. Having independent legal counsel helps ensure fairness and prevents claims of coercion or misunderstanding.

Contact Attorney Beryl Thompson-McClary Today

If you need legal assistance with a prenuptial agreement, whether you’re seeking to create one or challenge an existing one in a divorce, I can help. Protecting your financial interests is my priority. Call 1-888-640-2999 to schedule a consultation and get the legal guidance you need for your high net-worth divorce or prenuptial agreement concerns in Orlando and throughout Orange County, Florida.

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How Florida Law Treats Business Goodwill in Divorce Proceedings

How Florida Law Treats Business Goodwill in Divorce Proceedings

Understanding High Net-Worth Divorce in Orlando

Orlando is home to a growing number of successful professionals, business owners, and entrepreneurs. When divorce enters the picture for those with significant assets, particularly those who own businesses, complex financial questions arise. One of the most contested aspects of a high net-worth divorce in Florida is the valuation and division of business goodwill.

As an experienced Orlando high net-worth divorce attorney, I help business owners and their spouses understand how Florida law treats business goodwill during divorce proceedings. Whether you are protecting your business interests or seeking a fair share of marital assets, I provide strategic legal counsel to ensure that your rights and financial interests are protected. If you need legal guidance, call me, Attorney Beryl Thompson-McClary, at 1-888-640-2999 to schedule a consultation. I handle high-asset divorce cases throughout Orange County and beyond, helping clients achieve fair outcomes in complex financial matters.

What Is Business Goodwill?

In Florida divorce law, business goodwill refers to the intangible value of a business beyond its tangible assets. It represents the reputation, client base, and earning potential of a company. Courts typically divide business goodwill into two categories:

  • Personal goodwill: This value is tied directly to the individual owner’s skills, reputation, and professional relationships. It is considered non-marital and is not subject to equitable distribution.
  • Enterprise goodwill: This portion of goodwill is associated with the business itself and exists independently of the owner. It is considered a marital asset and may be divided during a divorce.

Understanding the distinction between personal and enterprise goodwill is crucial in determining whether and how a business’s value will be divided in a Florida divorce.

Florida Statutes Governing Business Goodwill in Divorce

Florida follows the principle of equitable distribution, which means that marital assets are divided fairly, though not necessarily equally. Under Florida Statutes §61.075, a business or professional practice acquired or developed during the marriage is generally considered a marital asset unless a prenuptial or postnuptial agreement states otherwise.

Courts analyze business goodwill under this statute when determining:

  • Whether goodwill is personal or enterprise-based
  • Whether the business has value separate from the owner
  • Whether the goodwill can be quantified in financial terms

Because personal goodwill is not considered marital property, the spouse who owns the business may argue that its value should be excluded from the marital estate. Conversely, the non-owner spouse may seek to prove that a significant portion of the business’s value is enterprise goodwill, which would be subject to division.

Valuing Business Goodwill in Florida Divorce Cases

Valuation of business goodwill requires a detailed financial analysis. Courts rely on expert testimony from forensic accountants, business valuation specialists, and financial analysts to determine:

  • The historical earnings of the business
  • The role of the business owner in generating revenue
  • Market conditions and industry standards
  • Whether the business has transferable value

Methods commonly used in Florida to value business goodwill include:

  • Income approach: Examines projected future earnings and discounts them to present value.
  • Market approach: Compares the business to similar businesses that have been sold.
  • Asset-based approach: Evaluates the net value of business assets after liabilities.

The business-owning spouse may argue for a lower valuation, emphasizing the importance of personal goodwill, while the other spouse may assert that the business’s ongoing success is tied to enterprise goodwill, increasing its divisible value.

How Business Goodwill Impacts Property Division

Once the value of business goodwill is determined, the court will decide how to handle it in the property division process. Possible outcomes include:

  • Buying out the non-owner spouse: The business owner compensates their spouse for their share of enterprise goodwill.
  • Structured settlements: Payments are made over time rather than in a lump sum.
  • Offsetting assets: The non-owner spouse receives other marital assets, such as real estate or investment accounts, in exchange for their share of business goodwill.
  • Business sale: In some cases, if a fair settlement cannot be reached, the court may order the sale of the business and divide the proceeds.

Each option has financial and tax consequences, making it essential to work with a high net-worth divorce attorney in Orlando who understands complex business valuations and equitable distribution laws.

Protecting Business Interests During Divorce

For business owners, safeguarding a company’s value in divorce requires careful planning. Steps to protect business goodwill include:

  • Prenuptial or postnuptial agreements: Clearly defining how business assets will be handled in the event of divorce can prevent disputes.
  • Business structuring: Operating as a corporation or partnership with buy-sell agreements can limit a spouse’s claim to business goodwill.
  • Compensation adjustments: Demonstrating that income is based on market rates rather than business ownership value can impact goodwill valuation.
  • Keeping personal and business finances separate: Commingling business and personal assets can make it more challenging to argue against enterprise goodwill claims.

How Attorney Beryl Thompson-McClary Can Help

Whether you are a business owner seeking to protect your livelihood or a spouse looking to ensure a fair division of marital assets, I provide comprehensive legal representation tailored to your needs. As an Orlando high net-worth divorce attorney, I have extensive experience handling business goodwill disputes in divorce cases throughout Orange County. I work closely with financial professionals to ensure accurate business valuations and develop strategic legal approaches that align with your financial goals.

If you are involved in a high-asset divorce and need legal guidance on business goodwill and asset division, call me at 1-888-640-2999 to schedule a consultation.

FAQs About Business Goodwill in Florida Divorce

What is the difference between personal and enterprise goodwill?

Personal goodwill is tied directly to the individual business owner’s reputation and skills, meaning it is not subject to division in a divorce. Enterprise goodwill, however, is tied to the business itself and is considered a marital asset if acquired during the marriage.

How do Florida courts determine if business goodwill is personal or enterprise-based?

Courts analyze financial records, expert testimony, and the nature of the business itself. If the business has transferable value beyond the owner’s personal efforts, a portion of the goodwill may be classified as enterprise goodwill and subject to division.

Can a spouse claim a share of business goodwill if they never worked in the business?

Yes. Even if a spouse did not actively work in the business, they may still be entitled to a share of the enterprise goodwill if the business was built during the marriage and contributed to the couple’s overall financial status.

How is business goodwill valued in a Florida divorce?

Valuation experts use financial records, revenue projections, and market comparisons to assess the value of business goodwill. Courts rely on expert testimony to determine a fair assessment.

Can a business owner prevent their spouse from claiming enterprise goodwill?

Business owners can take proactive steps such as having a prenuptial agreement, structuring the business properly, and maintaining separate financial records to minimize the impact of divorce on their business assets.

Contact Orlando Attorney Beryl Thompson-McClary at 1-888-640-2999 For A Consultation

If you are facing a high-asset divorce involving business goodwill, having an experienced attorney on your side is essential. I am dedicated to protecting my clients’ financial interests in high-stakes divorce cases. Call 1-888-640-2999today to schedule a consultation and discuss your legal options.

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Protecting Trade Secrets and Intellectual Property in a Florida Divorce

Protecting Trade Secrets and Intellectual Property in a Florida Divorce

High-Stakes Divorce Cases in Orlando and Protecting Your Business Assets

Orlando is home to thriving businesses, successful professionals, and entrepreneurs who have spent years building their wealth and intellectual property portfolios. When a high net-worth couple goes through a divorce, these valuable assets often become a focal point in property division. Protecting trade secrets, patents, copyrights, and business goodwill is critical, whether you are the spouse who owns these assets or the one who has contributed to their growth.

As an Orlando high net-worth divorce attorney, I represent business owners, executives, and professionals in complex divorces where intellectual property and trade secrets must be safeguarded. At my firm, we ensure that our clients receive fair treatment in property division while protecting business interests and proprietary information. If you are facing a high-stakes divorce, I am here to help. Call me, Attorney Beryl Thompson-McClary, for a consultation at 1-888-640-2999 to discuss your legal options.

Defining Trade Secrets and Intellectual Property in Divorce

Trade secrets and intellectual property can hold significant financial value in a divorce. Florida Statutes §688.002(4)defines a trade secret as information that derives economic value from not being generally known to others and is subject to reasonable efforts to maintain secrecy. This can include proprietary formulas, client lists, confidential business strategies, software, or product designs.

Intellectual property includes trademarks, patents, copyrights, and trade secrets that may be subject to division in a Florida divorce. The treatment of these assets depends on when they were created, whether they are considered marital or separate property, and their financial value.

Marital vs. Separate Property

Under Florida Statutes §61.075, assets acquired during the marriage are typically considered marital property and are subject to equitable distribution. However, intellectual property created before the marriage or protected through a prenuptial or postnuptial agreement may be considered separate property. Even if an intellectual property asset is classified as separate, its increase in value during the marriage may be subject to division.

Protecting Trade Secrets and Intellectual Property in Divorce

When intellectual property and trade secrets are involved in a divorce, maintaining confidentiality and securing fair distribution are priorities. Business owners, tech entrepreneurs, medical professionals, and lawyers may be concerned about their proprietary information becoming public record. Here are legal tools to protect trade secrets during divorce proceedings:

Non-Disclosure Agreements (NDAs)

If trade secrets or proprietary information are part of the divorce, courts may allow the use of non-disclosure agreementsto prevent one spouse from misusing or disclosing confidential business details. An NDA ensures that proprietary business knowledge remains protected during and after the divorce.

Valuation of Intellectual Property

Determining the fair market value of intellectual property requires input from financial experts. This includes assessing:

  • Royalties or licensing agreements
  • The profitability of patents or copyrights
  • The impact of trade secrets on business revenue
  • The goodwill attached to the business due to intellectual property assets

A qualified forensic accountant can help establish an accurate valuation, which is necessary for equitable distribution.

Business Buyouts and Settlements

In some cases, it is preferable to negotiate a buyout agreement where the business-owning spouse compensates the other spouse for their share of the intellectual property’s value. A structured settlement can prevent business disruption while ensuring a fair division of assets.

Protecting Future Business Interests

A spouse with a stake in a business that relies on trade secrets may require protective orders to ensure proprietary information is not used to gain an unfair advantage. Courts may issue orders preventing a former spouse from disclosing sensitive information or interfering with business operations.

Challenges in Equitable Distribution of Trade Secrets

Florida follows the principle of equitable distribution, meaning that marital assets are divided fairly, though not necessarily equally. Intellectual property and trade secrets present unique challenges in this process:

  1. Valuation Disputes – Unlike physical property, trade secrets and patents can be difficult to appraise. Courts may rely on expert testimony to determine their true value.
  2. Future Income Considerations – Intellectual property often generates revenue over time. Courts may structure settlements to account for future royalties or licensing fees.
  3. Business Continuity Concerns – Dividing trade secrets or intellectual property rights between divorcing spouses may impact business operations. Courts strive to balance fairness with protecting the business’s ongoing success.

As an Orlando high net-worth divorce attorney, I work with financial experts and business professionals to safeguard my clients’ financial interests and ensure a fair resolution.

Florida Statutes Governing Trade Secrets in Divorce Cases

Florida law provides protections for trade secrets under the Florida Uniform Trade Secrets Act (§688.001-688.009). This law prevents the misappropriation of trade secrets and allows for legal action if one party improperly discloses proprietary information.

Additionally, Florida Statutes §61.075 governs equitable distribution and outlines factors courts consider in dividing marital assets, including:

  • Contributions to the acquisition and enhancement of marital assets
  • The economic circumstances of each party
  • The desirability of retaining an interest in a business or professional practice
  • Any agreements made between the spouses

These statutes help shape the court’s approach to trade secrets and intellectual property disputes in divorce cases.

Legal Assistance for Business Owners and Spouses in High Net-Worth Divorces

Whether you are a business owner seeking to protect trade secrets or a spouse asserting your rights to marital property, having an experienced attorney is essential. I handle high net-worth divorces in Orlando, ensuring that my clients receive fair treatment while securing their business interests and intellectual property rights.

If you are going through a divorce and need assistance with complex asset division, call me today at 1-888-640-2999 for a consultation. I will work to protect your financial future and provide a legal strategy tailored to your needs.

FAQs About Trade Secrets and Intellectual Property in Divorce

How do Florida courts determine whether intellectual property is marital or separate property?

Florida courts consider when the intellectual property was created, whether marital funds contributed to its development, and if the other spouse played a role in its success. If the intellectual property was created before the marriage but grew in value during the marriage, a portion of that increased value may be subject to division.

Can a spouse claim rights to a business’s trade secrets during a divorce?

A spouse may claim a share of the business’s value, but trade secrets themselves are usually protected under Florida’s trade secret laws. Courts may issue confidentiality agreements or protective orders to prevent disclosure of sensitive information.

How are business assets valued in a Florida divorce?

Valuation experts assess business assets based on income, market value, and goodwill. If a business relies heavily on intellectual property, forensic accountants may calculate projected earnings from patents, copyrights, or trade secrets.

What happens if my spouse tries to use my business’s trade secrets against me?

If a spouse improperly uses or discloses trade secrets, legal action can be taken under the Florida Uniform Trade Secrets Act. Courts may issue injunctions and award damages if misappropriation occurs.

Should I negotiate a settlement instead of going to court?

Settlement negotiations allow greater control over the outcome and can protect business interests more effectively than litigation. I help clients negotiate favorable settlements while ensuring their rights are fully protected.

Call Attorney Beryl Thompson-McClary Today

Protecting trade secrets and intellectual property in a Florida divorce requires strategic legal planning. Call Orlando high net-worth divorce attorney Beryl Thompson-McClary at 1-888-640-2999 for an initial consultation to discuss how I can help secure your business and financial future.

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How Do Florida Courts Divide a Business in a High Asset Divorce Case?

How Do Florida Courts Divide a Business in a High Asset Divorce Case?

Protecting Your Business and Financial Interests in an Orlando High Net-Worth Divorce

Orlando is home to a thriving business community, with many professionals, entrepreneurs, and business owners building successful enterprises. When a high-net-worth couple goes through a divorce, one of the most challenging aspects is dividing a business. Florida courts follow strict guidelines when handling these disputes, but every case is unique. Whether you are a business owner seeking to protect your interests or the spouse of a business owner who is entitled to a fair share, you need an experienced attorney who understands how to handle complex financial matters in divorce.

Attorney Beryl Thompson-McClary has decades of experience helping high-net-worth clients in Orlando and throughout Orange County, Florida, secure favorable outcomes in their divorces. Whether you need to protect your business assets or ensure that you receive what you are entitled to, I will fight for your rights and financial stability. Call 1-888-640-2999 for a consultation and find out how I can assist you.

How Florida Law Defines a Business as a Marital Asset

Florida follows equitable distribution when dividing assets in a divorce. This does not mean a 50/50 split—it means a fair division based on various factors. Under Florida Statute § 61.075, assets and liabilities are classified as either marital or non-marital property.

A business can be categorized as:

  • Marital Property – If the business was started during the marriage or increased in value due to contributions from the spouse, it is subject to division.
  • Non-Marital Property – If the business was owned before the marriage and has not been commingled with marital assets, it may remain separate.

The issue becomes more complex when the non-owning spouse has contributed to the business financially or by supporting the business owner’s career. In such cases, the court may award the non-owning spouse a portion of the business value.

How Courts Value a Business in a High Net-Worth Divorce

One of the first steps in dividing a business is determining its value. Courts rely on financial experts, forensic accountants, and business valuation professionals to assess the business’s worth. The three most common valuation methods include:

  1. Market Approach – Compares the business to similar businesses that have been sold.
  2. Income Approach – Examines revenue, profitability, and cash flow to determine future earnings.
  3. Asset Approach – Values the business based on its tangible and intangible assets.

If a business is closely held or privately owned, determining its value can be particularly complex. Many business owners attempt to undervalue their business or hide assets. Courts take a close look at tax returns, profit and loss statements, and financial records to ensure transparency.

Options for Dividing a Business in Divorce

Dividing a business is not as simple as splitting it down the middle. Florida courts consider several methods:

1. One Spouse Buys Out the Other

If one spouse wants to keep the business, they may buy out the other spouse’s share. This is often done through:

  • A cash settlement
  • Offsetting assets (e.g., the other spouse receives real estate, investments, or retirement accounts)
  • Structured payments over time

2. Selling the Business and Dividing the Proceeds

In some cases, selling the business is the only fair option. This is common when both spouses were involved in operations and neither wants to continue running it alone.

3. Co-Ownership After Divorce

Some couples agree to continue co-owning the business after divorce. This is rare but may be an option if both parties can maintain a professional relationship. A legal agreement is crucial to define roles and responsibilities.

4. Business Recapitalization

This method involves restructuring the business so that the non-owning spouse receives ongoing payments rather than an immediate lump sum. This is useful when liquidity is an issue.

How Florida Courts Protect a Non-Owning Spouse’s Rights

If you are the spouse of a business owner, the court will consider your contributions to the business. These can include:

  • Direct financial investments
  • Managing operations, bookkeeping, or marketing
  • Supporting the business owner through childcare and household duties

Under Florida Statute § 61.08, spousal support may also be awarded if one spouse has sacrificed their career for the business.

If a business owner tries to conceal income or undervalue the business, I work with forensic accountants to uncover hidden assets and ensure full financial disclosure.

How Business Owners Can Protect Their Assets in a Divorce

If you are a business owner, protecting your business from the risk of divorce should be a priority. Some strategies include:

  • Prenuptial and Postnuptial Agreements – Clearly defining business ownership before marriage or during the marriage can prevent disputes.
  • Separate Business and Personal Finances – Keeping business funds separate from marital assets can help prove the business is non-marital property.
  • Structuring the Business Properly – Using legal tools like trusts or shareholder agreements can prevent a spouse from gaining control.
  • Fair Compensation for the Non-Owning Spouse – If a spouse contributes to the business, they should be paid a reasonable salary to prevent future claims.

Why Choose Attorney Beryl Thompson-McClary?

High-asset divorces require an attorney with the legal knowledge and financial understanding to handle complex cases. I work with top financial experts to ensure that assets are properly valued and fairly divided. Whether you are a business owner or the spouse of a business owner, I will protect your interests and fight for the best possible outcome.

Call 1-888-640-2999 today for a consultation and let’s discuss your case.

FAQs About Business Division in High-Net-Worth Florida Divorces

How can I prove that my business is non-marital property?
If you owned the business before marriage and did not mix marital funds with business finances, it may be classified as separate property. However, if your spouse contributed to its growth, the court may still consider it a marital asset. Keeping clear financial records and business agreements can help establish ownership.

What if my spouse worked in the business but was not on the payroll?
Florida courts recognize contributions beyond direct financial investment. If your spouse worked in the business, handled administrative tasks, or helped in any way, they may be entitled to a share of its value. The court will consider factors such as time, effort, and impact on business growth.

Can I transfer my business to someone else to avoid dividing it?
Attempting to transfer business assets before divorce can be considered fraudulent conveyance under Florida law. If the court finds that you tried to hide assets, it can reverse the transfer and impose financial penalties. Full transparency is critical to avoid legal consequences.

Does my spouse have the right to run the business after divorce?
If you own the business, your spouse cannot take control unless they have a legal claim to ownership. However, if the business is a marital asset, they may be entitled to a portion of its value. The court may order a buyout or revenue-sharing arrangement.

What happens if my business partner doesn’t want my spouse involved?
Business partners often have concerns when one owner goes through a divorce. If your business has a partnership agreement or operating agreement, it may include provisions that prevent ownership from transferring to a non-partner spouse. This can help limit disruption to the business.

How do I prevent my ex from knowing my company’s financial details?
While courts require full disclosure of financial records, certain protections can be put in place. A confidentiality agreement can limit the information your spouse can share, and the court may allow redacted versions of sensitive business records to protect trade secrets.

What if my spouse and I both want to keep the business?
If both spouses want to continue owning the business, courts may consider a co-ownership arrangement. However, this only works if both parties can cooperate. More commonly, one spouse buys out the other or the business is sold.

How long does it take to resolve business division in a divorce?
The timeline depends on the complexity of the business. If the business requires extensive valuation, forensic accounting, or litigation, the process can take months or even longer. An amicable settlement can speed up the resolution.

Call Now for High Net-Worth Divorce Representation in Orlando

Dividing a business in a divorce is a complex legal matter that requires skilled legal representation. Whether you are trying to protect your business or secure your rightful share, I am here to help.

Contact Orlando Attorney Beryl Thompson-McClary at 1-888-640-2999 For A Consultation.

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Dividing Business Partnerships in High-Stakes Orlando Divorces

Dividing Business Partnerships in High-Stakes Orlando Divorces.

Protecting Your Business Interests During Divorce in Orlando

Orlando is known for its dynamic business community, home to entrepreneurs, professionals, and thriving partnerships that fuel the local economy. However, for high-net-worth individuals, a divorce can bring unique challenges, especially when a business partnership is involved. Ensuring that your business interests are protected—or fairly divided—requires careful planning, a clear understanding of Florida law, and the guidance of an experienced high net-worth divorce attorney in Orlando.

At my firm, I understand how critical these matters are. My name is Beryl Thompson-McClary, and I provide trusted legal support to business owners, professionals, and their spouses throughout Orange County. Whether you’re seeking to safeguard your business or ensure a fair division, I’m here to help you achieve your goals. To discuss your situation, call 1-888-640-2999 for an initial consultation. Together, we can develop a plan that meets your needs and protects your financial future.

The Complexities of Dividing Business Partnerships in Divorce

In a high-net-worth divorce, business partnerships are often one of the most valuable and contested assets. Florida is an equitable distribution state, which means marital assets are divided fairly—though not necessarily equally. Determining what is “fair” when it comes to a business requires a nuanced analysis of its value, ownership structure, and contribution to the marriage.

Defining the Legal Issues Under Florida Statutes

Under Florida law, the division of business interests is governed by equitable distribution principles outlined in Florida Statute §61.075. This statute requires the court to classify assets as either marital or non-marital before distributing them. Here’s how the law applies to business partnerships:

  • Marital vs. Non-Marital Property: If the business was established before the marriage and remained separate from marital finances, it may be considered non-marital. However, if the business grew or marital funds were invested in it during the marriage, part or all of its value may be subject to division.
  • Active vs. Passive Appreciation: Florida courts distinguish between passive appreciation, which occurs without the active efforts of a spouse, and active appreciation, which involves contributions of time, effort, or skill by one or both spouses. Active appreciation is typically treated as a marital asset.

As your Orlando high net-worth divorce attorney, I’ll help you analyze these factors and present a clear case to protect your interests.

Valuation of Business Partnerships

One of the most critical steps in dividing business partnerships is determining their value. This process often involves:

  • Hiring a Business Valuation Expert: A valuation expert assesses the fair market value of the business, considering factors like revenue, assets, liabilities, and goodwill.
  • Examining Financial Records: Comprehensive financial documentation, including tax returns, profit and loss statements, and partnership agreements, is essential.
  • Determining Ownership Interests: Understanding each partner’s ownership percentage and role in the business is crucial in determining how the business is divided.

These valuations can become contentious, especially if one spouse claims the business is worth less than its true value to avoid a higher settlement. I’ll ensure all valuations are accurate and fair, protecting your interests throughout the process.

Common Scenarios in Business Partnership Divisions

For Business Owners

If you own a business and your spouse has no direct involvement, you’ll likely want to retain ownership after the divorce. Options include:

  • Buying Out Your Spouse’s Share: This involves compensating your spouse for their share of the business’s marital value.
  • Offsetting With Other Assets: You may agree to give your spouse a larger share of other marital assets, such as real estate or retirement accounts, in exchange for keeping the business intact.
  • Continuing as Co-Owners: While uncommon, some spouses agree to remain business partners post-divorce. This requires a solid partnership agreement and clear boundaries.

For Spouses of Business Owners

If your spouse owns the business, it’s essential to ensure you receive a fair settlement. This may involve:

  • Securing a Percentage of Future Income: You may negotiate a share of future business profits, especially if you contributed to its growth.
  • Receiving a Lump-Sum Payment: This option provides immediate financial security and avoids future entanglement with the business.

Ramifications Under Florida Law

Florida courts aim to distribute marital assets in a way that ensures financial fairness. However, when business partnerships are involved, the stakes are high. Key considerations include:

  • Tax Implications: Dividing a business can trigger tax consequences for both parties. These must be carefully evaluated to avoid unnecessary financial strain.
  • Impact on Operations: A poorly planned division can disrupt business operations, affecting employees, clients, and revenue.
  • Confidentiality Concerns: Divorce proceedings can expose sensitive business information. I’ll work to protect your privacy and ensure confidential records are handled appropriately.

How Attorney Beryl Thompson-McClary Can Help

Dividing business partnerships during a high-stakes divorce requires a thorough understanding of Florida law and a strategic approach. Here’s how I can assist:

  • Legal Guidance: I’ll help you understand your rights and obligations under Florida Statutes, ensuring you’re well-prepared for every step of the process.
  • Strong Advocacy: Whether you’re a business owner or a spouse seeking a fair settlement, I’ll advocate for your interests in court or during negotiations.
  • Tailored Solutions: Every divorce is unique. I’ll work closely with you to develop a personalized strategy that aligns with your goals.

If you’re facing a high-net-worth divorce involving a business partnership, don’t wait. Call 1-888-640-2999 to schedule an initial consultation. I’ll provide the guidance and support you need to protect what matters most.

FAQs About Dividing Business Partnerships in Florida Divorces

How does Florida determine whether a business is a marital asset?

Florida courts look at when the business was established, whether marital funds were used to grow it, and whether the non-owner spouse contributed to its success. Even if the business was started before the marriage, any increase in value during the marriage may be considered a marital asset.

What happens if my spouse tries to undervalue the business during the divorce?

If there is suspicion that your spouse is undervaluing the business, we can request forensic accounting to uncover hidden income, discrepancies, or undervalued assets. Courts take asset misrepresentation seriously and may impose penalties if deception is proven.

Can I avoid dividing my business in a divorce?

There are ways to minimize the impact on your business, such as prenuptial or postnuptial agreements, offsetting with other assets, or negotiating a buyout. I’ll help you explore these options and choose the best course of action.

What if my spouse and I co-own the business?

Co-owned businesses can be challenging to divide. Options include one spouse buying out the other’s share, selling the business and splitting the proceeds, or continuing to run the business together. I’ll help you weigh the pros and cons of each option.

How are business debts handled in a divorce?

Business debts are typically divided based on whether they are classified as marital or non-marital. Marital debts are shared, while non-marital debts remain the responsibility of the original debtor. I’ll ensure that all liabilities are properly accounted for.

Are there alternatives to litigation for dividing a business?

Yes, alternatives like mediation or collaborative divorce can provide a more amicable and cost-effective solution. These methods allow both parties to negotiate terms with less conflict and greater control over the outcome. I’ll advise you on whether these options are suitable for your case.

What role do business agreements play in a divorce?

Partnership agreements, operating agreements, and shareholder agreements often include provisions that dictate what happens in the event of a divorce. These documents can significantly impact how the business is divided. I’ll review any existing agreements to determine their relevance.

How long does it take to resolve a business-related divorce?

The timeline depends on factors like the complexity of the business valuation, the willingness of both parties to negotiate, and court availability. While some cases can be resolved in months, others may take longer. I’ll provide a realistic timeline based on your circumstances.

Can I protect my business from future divorces?

Yes, prenuptial and postnuptial agreements are effective tools for protecting business interests. These agreements can outline how the business will be handled in the event of a divorce, reducing uncertainty and conflict. I can help you draft a legally sound agreement tailored to your needs.

What should I bring to my consultation about dividing a business partnership?

Bring any relevant documents, such as partnership agreements, tax returns, financial statements, and a list of business assets and liabilities. These documents will help me assess your situation and provide tailored advice.

Contact Orlando Attorney Beryl Thompson-McClary at 1-888-640-2999 For Your Initial Consultation

If you’re facing a high-net-worth divorce involving a business partnership, it’s essential to work with an experienced attorney who understands the complexities of these cases. Call me today to schedule an initial consultation and learn how we can protect your interests and achieve a fair resolution.

Beryl Thompson-McClary
Address: 390 N Orange Ave #2300, Orlando, FL 32801, United States
Hours: Open
Phone: 1-888-640-2999
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What Happens to Small Businesses During a Divorce in Florida?

What Happens to Small Businesses During a Divorce in Florida?

Protecting Your Business and Financial Future in Orlando

Orlando’s dynamic community is home to countless small business owners and professionals who drive the local economy. For high net-worth individuals, their business often represents not just financial security but a lifelong investment of time, effort, and dreams. When divorce becomes a reality, the fate of that business is a critical issue. My name is Beryl Thompson-McClary, and I am an experienced high net-worth divorce attorney in Orlando. I have guided business owners, their spouses, and other professionals through the complexities of divorce in Orange County, Florida.

If your divorce involves a small business, you need an advocate who understands how to protect your financial future. Whether you’re the business owner or the spouse, I’m here to help you. Call me for an initial consultation at 1-888-640-2999 so we can discuss your situation in detail.

Small Businesses in Florida Divorce Cases

When small businesses become part of divorce proceedings, the stakes are often high. Under Florida law, marital property is subject to equitable distribution, meaning it will be divided fairly between both spouses. However, fairness doesn’t always mean equal. Businesses that were started or significantly grown during the marriage are usually considered marital assets, even if only one spouse was directly involved.

How Florida Statutes Define Marital Assets

Florida Statute §61.075 governs the division of marital property. It defines marital assets as those acquired during the marriage, which typically include:

  • Businesses or professional practices started during the marriage
  • The increased value of a business due to efforts made during the marriage
  • Income generated by the business that was commingled with marital funds

Understanding whether a business is marital or non-marital property is critical. Non-marital property, such as a business started before the marriage, can remain separate, but any increase in its value due to marital efforts could still be subject to division.

What Happens to the Business?

When a small business is part of a high net-worth divorce, there are generally three outcomes:

1. One Spouse Keeps the Business

In many cases, the spouse who is more actively involved in the business will retain ownership. This often involves buying out the other spouse’s interest. The buyout value is determined by appraising the business, which requires an accurate and thorough valuation. I work closely with financial experts to ensure all assets are accounted for and valuations are fair.

2. The Business Is Sold

If neither spouse can afford a buyout or if they can’t agree on terms, selling the business and dividing the proceeds may be the only option. This approach can be challenging for both parties, particularly when the business has sentimental value or is the family’s primary source of income.

3. The Business Is Co-Owned

While less common, some couples choose to co-own the business post-divorce. This arrangement requires strong communication and trust, as well as clear legal agreements to prevent future conflicts. I’ll help you weigh this option carefully and draft agreements to protect your interests.

Key Issues in Business Division

Valuation

A proper business valuation is essential for determining its worth. This process involves:

  • Examining financial statements
  • Assessing goodwill and intangible assets
  • Reviewing debts and liabilities
  • Considering market conditions and future earning potential

An inaccurate valuation can lead to significant financial losses. That’s why I collaborate with trusted forensic accountants and financial analysts to ensure all factors are considered.

Income and Support Calculations

When a business owner’s income is tied to the company, it complicates calculations for spousal and child support. Courts will review the business’s profits, distributions, and retained earnings to determine an accurate picture of income. As your attorney, I’ll work to ensure that these calculations reflect the true financial situation.

Protecting Confidential Information

High net-worth divorce cases often involve sensitive business information. Protecting trade secrets, client lists, and proprietary data is critical. I ensure that confidentiality agreements are in place throughout the proceedings to safeguard your business.

How We Help Both Sides of the Issue

Whether you’re the business owner or the spouse, you deserve fair treatment under the law. Here’s how I can help:

For Business Owners

  • Protecting the business from being unfairly devalued or sold
  • Ensuring confidentiality throughout the divorce process
  • Negotiating buyout terms that allow you to retain ownership

For Spouses

  • Securing an accurate valuation to reflect the true worth of the business
  • Fighting for a fair share of the marital property
  • Ensuring income calculations for support payments are accurate

Divorce is a challenging time, but with the right legal strategy, you can protect what matters most to you. Call me at 1-888-640-2999 for an initial consultation to discuss your specific needs.

FAQs About Small Businesses and Divorce in Florida

How is a business valued during a Florida divorce?

Business valuation is a detailed process that examines assets, liabilities, and earning potential. It often involves forensic accountants who assess financial statements, tangible assets, and intangible factors like goodwill. The goal is to determine a fair market value that reflects the business’s worth at the time of the divorce. As your attorney, I’ll ensure this valuation process is thorough and equitable.

Is my business considered marital property if I started it before the marriage?

A business started before the marriage is typically considered non-marital property. However, if the business grew in value due to efforts made during the marriage or if marital funds were used to support it, the increased value may be classified as marital property. I’ll work to identify and differentiate these aspects to protect your interests.

Can I prevent my spouse from claiming part of my business?

While you can’t completely prevent claims, there are steps you can take to protect your business, such as drafting a prenuptial or postnuptial agreement. If no agreement exists, I’ll help you argue for a fair division based on your contributions and the nature of the business.

What happens to a professional practice during a divorce?

Professional practices, like those owned by doctors, dentists, or lawyers, are often treated similarly to other businesses. Their valuation includes tangible assets (e.g., equipment) and intangible assets (e.g., goodwill). Florida law protects professional licenses from being transferred, but the practice’s value may still be subject to division.

Can a business be sold during a divorce?

Yes, selling the business is one option, particularly if neither spouse can afford a buyout or if both agree it’s the best solution. The proceeds are then divided according to Florida’s equitable distribution laws. I’ll help you explore all options to find the one that best suits your situation.

What if my spouse is trying to hide business assets?

Hidden assets are a significant concern in high net-worth divorces. Forensic accountants can uncover undisclosed income, fraudulent transactions, or undervalued assets. I’ll ensure a thorough investigation to protect your rights and secure a fair outcome.

How are income and support calculated for a business owner?

Income calculations for business owners can be complex, as they must account for more than just salary. Courts often review profits, distributions, and retained earnings to determine true income. I’ll work to ensure that support calculations are accurate and equitable.

Can we co-own the business after the divorce?

While possible, co-ownership requires clear legal agreements and a strong level of trust. This option is less common but can work if both parties are committed to the business’s success. I’ll help you evaluate whether this arrangement is viable and draft the necessary agreements to protect your interests.

What is the role of a prenuptial agreement in protecting a business?

A prenuptial agreement can clarify ownership of a business and protect it from being divided during divorce. If you have a prenuptial or postnuptial agreement, I’ll ensure it’s enforced to safeguard your business.

Should I hire an attorney if my divorce involves a business?

Absolutely. High net-worth divorces involving businesses are legally and financially complex. As an Orlando high net-worth divorce attorney, I’ll guide you through every step, ensuring your rights and assets are protected. Call me at 1-888-640-2999 for personalized advice.

Call Attorney Beryl Thompson-McClary Today

If your divorce involves a small business, the stakes are high. Whether you’re protecting your business or ensuring you receive your fair share, I’m here to help. Contact me, Beryl Thompson-McClary, at 1-888-640-2999 for your initial consultation. Together, we’ll create a strategy that supports your financial future.

Beryl Thompson-McClary
Address: 390 N Orange Ave #2300, Orlando, FL 32801, United States
Hours: Open
Phone: 1-888-640-2999
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Are Prenuptial Agreements Enforceable in Florida?

Are Prenuptial Agreements Enforceable in Florida?

Protecting Your Future in Orlando’s High Net-Worth Divorces

Orlando is a vibrant city filled with professionals, entrepreneurs, and families building successful lives. With its growing economy and opportunities, Orlando also sees its share of high net-worth divorces. As an Orlando high net-worth divorce attorney, I frequently work with individuals seeking to understand their legal options regarding prenuptial agreements. Whether you’re entering a marriage and want to protect your assets or you’re facing a divorce where a prenuptial agreement is being challenged, these agreements can play a crucial role in shaping financial outcomes.

I’m Beryl Thompson-McClary, and I’ve dedicated my career to helping clients in Orange County, Florida, with family law issues. If you’re dealing with a prenuptial agreement, I can help. Whether you’re trying to enforce or challenge an agreement, I will guide you through every step. Call me at 1-888-640-2999 for an initial consultation to discuss your case and learn how we can protect your interests.

What Is a Prenuptial Agreement?

A prenuptial agreement, or “prenup,” is a legally binding contract entered into by a couple before marriage. This agreement outlines how assets, debts, and financial matters will be handled in the event of divorce or death. In Florida, these agreements are governed by the Uniform Premarital Agreement Act (UPAA), which is codified under Florida Statutes §61.079.

High net-worth individuals often use prenuptial agreements to safeguard significant assets such as businesses, real estate, investments, and inheritance. While these agreements are enforceable in Florida, they must meet specific legal standards to remain valid.

Enforcing Prenuptial Agreements in Florida

For a prenuptial agreement to be enforceable in Florida, it must meet the following requirements:

  1. Voluntary Agreement: Both parties must have signed the agreement willingly. Any evidence of coercion, undue influence, or duress can render the agreement invalid.
  2. Full Disclosure: The agreement must include full and accurate disclosure of each party’s financial situation. This includes income, assets, liabilities, and other financial interests. If a party fails to disclose significant information, the court may invalidate the agreement.
  3. Fair and Reasonable Terms: The terms of the agreement must be fair and reasonable at the time of signing. Florida courts may void agreements that are heavily one-sided or that leave one party destitute.
  4. Written and Signed: Oral agreements are not enforceable. The prenup must be in writing and signed by both parties before the marriage.

Challenging a Prenuptial Agreement in Florida

If you believe a prenuptial agreement is unfair or invalid, Florida law provides avenues for challenging it. Some common reasons for disputes include:

  • Fraudulent Disclosure: If your spouse concealed assets or income during the disclosure process, the agreement could be invalidated.
  • Coercion or Duress: If you were pressured into signing the agreement, the court might find it unenforceable.
  • Unconscionable Terms: Agreements with grossly unfair terms that would cause undue hardship may not be upheld by Florida courts.

As your attorney, I will analyze the details of your case and work to either defend the validity of the agreement or challenge its enforceability, depending on your position.

Relevant Florida Statutes

The legal framework for prenuptial agreements in Florida is established under the Uniform Premarital Agreement Act (UPAA), codified in Florida Statutes §61.079. Key provisions include:

  • Section 61.079(2): Defines the permissible contents of a prenuptial agreement, including property division, spousal support, and other financial arrangements.
  • Section 61.079(7): Outlines the circumstances under which an agreement may be found unenforceable, such as lack of disclosure or involuntary signing.
  • Section 61.079(9): Addresses the modification or revocation of prenuptial agreements by mutual consent.

Understanding these statutes is essential to effectively addressing disputes or enforcement issues related to prenuptial agreements.

Ramifications of Enforceable and Invalid Prenuptial Agreements

When a Prenuptial Agreement Is Enforceable:

  • Assets and debts are divided according to the terms of the agreement, potentially limiting litigation and conflict.
  • Spousal support obligations may be reduced or waived, as outlined in the prenup.
  • Business owners can protect their enterprise from being divided or sold during a divorce.

When a Prenuptial Agreement Is Invalid:

  • Florida’s equitable distribution laws will apply, which often involve dividing marital assets and debts fairly but not necessarily equally.
  • Litigation may increase as both parties seek to resolve disputes through the court system.
  • Spousal support could be awarded based on Florida law rather than the terms of the agreement.

Whether you’re enforcing or challenging a prenuptial agreement, my role is to advocate for your interests while ensuring compliance with Florida law.

How I Can Help

As an Orlando high net-worth divorce attorney, I understand the complexities of prenuptial agreements. I’ve worked with clients on both sides of these issues, helping enforce agreements that protect assets and challenging agreements that unfairly disadvantage my clients. My approach is tailored to your unique circumstances, ensuring that your goals remain the focus throughout the legal process.

If you’re dealing with a prenuptial agreement in Orange County or anywhere in Florida, call me at 1-888-640-2999 for an initial consultation. Together, we’ll evaluate your case and determine the best path forward.

FAQs About Prenuptial Agreements in Florida

Can a prenuptial agreement include child custody and support terms?

No, Florida law prohibits prenuptial agreements from including provisions about child custody or support. These issues are determined by the court based on the child’s best interests at the time of the divorce. While financial arrangements for children cannot be predetermined in a prenup, the agreement can address other financial matters such as property division.

What happens if my spouse hid assets during the prenup disclosure process?

If one party failed to disclose assets or financial obligations fully, the agreement could be deemed invalid. Florida law requires full and honest disclosure to ensure fairness. If you suspect fraud, I can help investigate and present evidence to the court to challenge the agreement.

Can we modify or revoke a prenuptial agreement after marriage?

Yes, prenuptial agreements can be modified or revoked after marriage, but this must be done in writing and signed by both parties. The new agreement will need to meet the same legal standards as the original. I can assist you in drafting or reviewing any modifications to ensure compliance with Florida law.

Are prenuptial agreements only for wealthy individuals?

Not at all. While they are more common in high net-worth marriages, prenuptial agreements can benefit anyone who wants to protect assets, establish clear financial boundaries, or reduce potential conflict in the event of divorce. I can help you determine if a prenup is right for your situation.

How does Florida handle spousal support in prenuptial agreements?

Florida courts generally uphold spousal support waivers in prenuptial agreements unless the waiver results in extreme hardship for one party. If circumstances have changed significantly since the agreement was signed, the court may reconsider the enforceability of spousal support provisions. I can help you understand how these provisions apply to your case.

What makes a prenuptial agreement fair and reasonable?

A fair and reasonable prenuptial agreement considers both parties’ financial situations and provides equitable terms. Agreements that heavily favor one party, leave the other destitute, or fail to disclose all relevant information are less likely to be upheld by Florida courts. I’ll work with you to ensure your agreement meets these standards.

Is there a deadline for challenging a prenuptial agreement?

You can challenge a prenuptial agreement at any point during divorce proceedings. However, waiting until the last minute can complicate the process. If you’re considering a challenge, it’s best to act quickly and consult with an attorney to build a strong case.

Call Attorney Beryl Thompson-McClary Today

If you’re facing issues with a prenuptial agreement in Florida, you don’t have to handle it alone. As an experienced Orlando high net-worth divorce attorney, I’ll guide you through the complexities of these agreements and protect your interests. Call me at 1-888-640-2999 for an initial consultation. Let’s work together to secure the outcome you deserve.

Beryl Thompson-McClary
Address: 390 N Orange Ave #2300, Orlando, FL 32801, United States
Hours: Open
Phone: 1-888-640-2999
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