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:
- Market Approach – Compares the business to similar businesses that have been sold.
- Income Approach – Examines revenue, profitability, and cash flow to determine future earnings.
- 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.