How Will My Business be Divided in the Event of a Divorce?

Are you afraid of what might happen to your business in the event of a divorce? Family Law Attorney Sergio Cabanas talks about how businesses are divided when you get divorced in Florida.
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How Will My Business be Divided in the Event of a Divorce?
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Mira el video en español:
¿Cómo se dividirá mi negocio en el evento de un divorcio?
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**Please note that the information in this video is not an adequate substitute for a consultation with an attorney who is knowledgeable in this subject area and could review the specifics of your individual matter and determine how the law would apply in your particular case.**
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Sergio Cabanas, Esq. has been practicing law since 1991, after graduating from Washington College of Law in Washington D.C. Attorney Cabanas is admitted to practice in the State of Florida and the U.S. Court for the Southern District of Florida and the U.S. Bankruptcy Court. He founded the Divorce and Mediation Law Firm in 2006.
The Divorce and Mediation Law Firm focuses on Divorce, Mediation, Child Custody, Child Support, Alimony, Prenuptial Agreements, Post-nuptial Agreements, Domestic Violence, and Post-Divorce Related issues.
The firm has three locations: Pembroke Pines, Weston, and Sunny Isles Beach in South Florida. If you would want to consult, you can reach the firm at [phone]. We are open from 9AM to 5PM, Mondays to Fridays.
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0:00 Intro
0:16 How will my business be divided in the event of a divorce?
0:21 3 Steps of dividing a business in a divorce
0:26 STEP 1: Determine if the business is Marital or Non-Marital
1:09 STEP 2: Determine the value of the business
1:19 STEP 3: Divide the business
1:49 Make sure to hire an experienced Lawyer and tax expert
1:59 Outro
Transcript:
I am a business owner, and my marriage is on the rocks. I think we're heading towards a divorce. But I'm worried about my business because businesses often get split up in a divorce. How exactly does that work?
Hi, I'm Sergio Cabanas Attorney-at-Law here in Florida. And today we'll be talking about how businesses are divided in the event of a divorce.
The process of dividing a business is normally comprised of 3 steps.
So, step 1 is having to determine whether the business itself is considered marital, subject to a division between two spouses, or non-marital, in which one of the spouses retains the business.
How do we determine that?
Well, it depends on the specific circumstances of your case.
Was the business started before the marriage operated and sold off prior to the marriage, or was the business started during the marriage and operated and gained value during the marriage?
Or is it somewhere in between?
It was started before the marriage, but continued to operate during the marriage which makes a portion of that business subject to a marital interest, as opposed to a portion not subject to a marital interest. Etc.
So, we get to step number 2, which is to determine the value of the business.
This could be done in several different ways from an accounting standpoint.
And that's why it's a good idea to use a forensic accountant to assist you with that.
Step number 3 is the actual process of dividing the business.
This could be done in several ways.
You can choose to buy out your spouse's marital interest in the business.
The parties can also choose to remain as co-owners of the business, but really more as business partners, to continue to conduct the business as they've done in the past.
Lastly, you can choose to sell off the business and divide the proceeds in a way that's agreeable to both parties.
So, now you can see how this issue can be quite complicated and that's why it's a good idea to have experienced attorneys and tax experts to advise you through this process. Especially when we're dealing with high-net-worth businesses.
I hope this short video provided you with some general guidance over this very complicated and difficult but important topic.

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