Asset division is a core concern for most divorcing couples. In most cases, Florida law provides for an equitable (read fair) distribution of property between splitting spouses.
In some instances, that is relatively simple and straightforward. Assets deemed as “marital property” might be quickly identified, easily valued and divided without much fanfare between divorcing parties.
In other divorces, though, the property division focus is a more complex task. And it can feature disagreement and acrimony far more readily than civility.
The latter scenario is much more often present in cases where significant wealth is involved. A high-asset decoupling commonly features assets that are both multiple and diverse. Property that needs to be accounted for and legally dealt with can range broadly from various investment vehicles and company-sponsored savings to business perks (e.g., deferred compensation, stock options and profit sharing), realty holdings and more.
A recent Forbes piece duly points to a family business as one of those “and more” asset sources that must be accounted for in many high-net-worth divorces. A business might have been started by one partner before marriage or established during a union by both spouses.
In either case, it will surely command a prominent spotlight during the divorce process.
We underscore that certain focus at Quinn & Lynch. We stress on our firm’s website that, “In divorces involving business ownership, … marital property division should be overseen by an experienced valuation expert.”
Many issues can understandably arise during a divorce that concern a family business. A proven family law legal team with a deep well of experience in property division matters can candidly advise a client and work diligently to promote his or her best interests.