Business Valuations in Contested Divorces in Florida
If you’re divorcing and you or your spouse is a business owner or entrepreneur, a business valuation will likely be necessary. Asset division or equitable distribution of assets in a contested divorce in Florida is governed by Florida Statute 61.0075. In contested divorces, the courts are required to set apart non-marital assets and liabilities and assets of each party. This is also true with regards to any businesses owned. When distributing the marital assets and liabilities between the parties the court must begin with the premise that the distribution should be equal between the parties, however as we have covered, unequal distribution is possible. When businesses are involved, the process can become complicated, especially when there are high assets related to business ownership. If a business is valued higher or lower than it actually is, this can result in an unrealistic division and settlement. Hiring the best Tampa divorce lawyers for you is an important step in making sure that your rights are protected and your future, secure.
Frequently Used Method for Business Valuations in Contested Divorces
The first step in dividing assets and liabilities in a contested divorce is to determine what is separate property and what is marital property. When a business is present in a contested divorce, the valuation will first consider the type of business that requires valuation. Common types of businesses are Sole Proprietorship, LLC, S-Corp, C-Corp, as well as others. The following methods used by experts and the Florida courts alike to valuate a business are as follows:
- Income Approach
- Market Approach
- Cost Approach
Negotiating a Fair & Equitable Division
When a contested divorce requires a business valuation, each party will likely have their own experts. Depending on the case and parties involved, business valuations from each side may end up being be at odds with the other. An accurate business appraisal is always the desired goal . But, in cases where the valuations greatly differ, your divorce attorney’s negotiation and litigation skills become paramount in a settlement that is in your best interest.
Arriving at a fair and equitable division in any contested divorce is crucial to ensure our clients’ secure futures. Nilo J Sanchez & Associates are Tampa Divorce Attorneys with the skill and working experience you’ll need in any contested divorce. In cases where one or both parties have assets or claims to assets related to businesses or business investments, our law firm offers sound legal strategies that have resulted in success for our clients for over two decades. Other areas of contested divorces may include instances where a professional license or degrees were acquired with both parties contributing in some manner. In this case, one party may be entitled to some form of compensation from the other, possibly in the form of additional assets, lump sum settlements or alimony.
Tampa Family Law Attorneys – 25 Years of Expertise & Knowledge in Florida Contested Divorces
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Schedule a Divorce Consultation with Tampa Family Law Attorneys Nilo J Sanchez & Associates
Nilo J Sanchez & Associates offers legal solutions and high quality representation in contested divorces in Hillsborough County, Pinellas County and in Pasco County, Florida. For questions concerning representation in a contested divorce in these Tampa Bay counties, please call 813-879-4600 to schedule a consultation. We currently offer family law and divorce consultations via Zoom, telephone or in person consultations for your convenience. If you prefer to send us a secure message, please use the form below.