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Shielding business assets during a Florida divorce

Owning and operating a business requires a great deal of responsibility. In many cases, a business owner is not only responsible for his or her own success, but provides a source of employment for others. Keeping the business afloat and profitable during the course of a divorce is a top priority for many Florida business owners.

The old adage, as is to often the case, applies when it comes to business and divorce: an ounce of prevention really is worth a pound of cure. Having a prenuptial agreement in place is the best way to shield assets from loss during property division. However, if there is no prenup, there are still ways to protect business assets from loss.

The best place to begin is by assembling an excellent divorce team. Although a divorce attorney is the central hub of that team, there are other professionals who can also play important roles. A prime example is a financial advisor, who can examine the financial information related to a business and determine the best way to move forward with dividing those assets. In some cases, a business owner can cede other assets in order to retain the bulk of the wealth associated with the business. 

Building a divorce team is a wise move when a Florida spouse is faced with the prospect of divorce. In many cases, a careful and considered approach can help business owners keep their doors open throughout the course of a divorce. That can make a big difference in how the business operates in the months and years to follow.

Source: bizjournals.com, "How to protect your business during a divorce", Marcellus Davis, Dec. 28, 2016

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The Law Office of Gustavo E. Frances, P.A.
200 S.E. 6th Street, Suite 402
Fort Lauderdale, FL 33301-3424

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