Serving Escambia, Santa Rosa, Okaloosa and Walton Counties Detailed Advice on Divorces Involving Business Ownership

Business ownership is a challenge under the very best of circumstances; add a divorce into the mix and owning a business can quickly become one of the most confusing and frustrating experiences of your life. When going through a divorce involving business ownership, it is important to understand how the split will impact the business, and how business ownership rights may be divided during your proceedings.

At the law firm of Michael J. Griffith, P.A., we understand how difficult it can be to address the complexities involved in divorces, including business ownership. With more than 35 years of combined legal experience, our Gulf Breeze divorce lawyers have the skill and knowledge needed to address even the most complex divorce proceedings, and will fight aggressively to help you protect the business you have worked so hard to create.

Carefully Investigating all Aspects of Your Business Ownership Concerns

One of the most difficult tasks in a divorce involving a spouse owned business or a family owned business can be determining whether the business is actually community property. In many cases, business owners may believe that the business is not eligible to be divided during the divorce; unfortunately, these individuals are surprised to discover that a divorce can dramatically impact the business. Changes to the business, including a joint refinance, altering the business entity or incorporation of the business can convert the business to community property, even if one spouse owned the business prior to the marriage.

To fully address your business ownership concerns, it is important to conduct a thorough examination of every aspect of your business. To do so, our attorneys will work closely with an independent business appraiser, most often a CPA with certification in business evaluation. Under our direction, the CPA will examine the business’ records, financial statements and tax returns.

After viewing this data, the appraiser will create a report of the business’ net assets, suggest an appropriate value for the business and calculate potential future earnings of the business. This data is invaluable during a negotiation of a buyout or division of the business.

Contact Our Office to Learn More about Protecting Your Business

Whether you need assistance determining an equitable split of a business jointly owned within your marriage, or wish to protect a business you owned before entering into your union, our staff has the knowledge and aggressive approach needed to help you protect your best interests.

Contact our office online or call (850) 495-7977 to discuss your specific concerns with one of our experienced lawyers.