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Couples who own businesses together and divorce

Tampa residents who have decided to end their marriages understand the various difficulties and challenges that can accompany the decision. Not only are finances typically altered, relationships can be forever redefined. Rarely does everything stay the same.

In particular, spouses who have created and own a business together experience repercussions first hand. The Census Bureau estimated that in 2007 approximately 3.7 million businesses were owned by a wife and husband team. When a divorce occurs, many ex-spouses are forced with decisions that not only affect their happiness, but also their livelihood.

In many cases, a spouse cannot afford to give up his or her ownership in a business given the relatively bleak economy and job market. However, depending on how the relationship ended, it can be possible to continue the business with a former spouse. On the other hand, in many cases where there are respect and trust issues, a business relationship may not be possible.

When a business owning couple decides to divorce, it can be difficult to sort out the future of the business. If applicable, this can be an especially hard task for a judge who is charged with asset division. Florida is a jurisdiction which has equitable distribution, meaning that a judge can decide what is equitable, and divide the property accordingly.

Whether an individual wants to continue working with his or her spouse, or decides to quit the business, it is important to keep track of any contributions. An attorney can help advise an individual as to the best course of action and sort out a spouse's business assets and contributions to a company.

Source: The New York Times, "When Couples Divorce but Still Run a Business Together," Bryan Borzykowski, Dec. 5, 2012

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Busciglio & Sheridan Law Group
3302 N. Tampa Street
Tampa, FL 33603

Phone: 813-302-1265
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