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Can I claim half of ownership/profit of a business managed by spouse? What if she decides to close it after I file? (Florida)

Bankruptcy and Debt 2 views 3 answers
My spouse opened a small store 2 months ago. The business is registered with the State of Florida under her name. She manages the store and employees. Part of the money she used to open the store came from a joint bank account. I have helped her in setting up a few things at the store. I have a full time job, but I also take care of the kids at home while she is at the store working. So far the store is doing pretty well (profit). The money made from the store is being deposited into a business account that only my spouse has access to. She has used that money for business purposes, but also for her own personal purposes. Other than paying for family dine-outs at restaurants a couple of times, she does not pay any household bills with that money. We have been married for +15 years. I've been considering divorce for a while (due to other matters). If I file for divorce, can I claim half of ownership and/or profit of the business? Also, what if after I file for divorce she decides to manipulate the business accounts to show lower or no profit, or closes the business (or lets it fail) so she can claim that she does not have a business anymore, or does not have a job/income anymore in order to claim alimony? Do Automatic Temporary Restraining Orders apply here in Florida?

Attorney Answers

3
A Mullaney ·
Assets, like the business, acquired during the marriage are marital assets and are subject to division by the Court. Part of the difficulty with your case (and why you should hire a lawyer) is determining the value of the business. If it is making a profit, then it is worth something. You (or, more likely, an expert you hire) will also be able to inspect/review her business records.
0 upvotes
David Carroll ·
Assets acquired by either party during the marriage are presumed to be marital assets regardless of the name they are titled in. Your argument is even strong because joint assets were used to purchase part of the business. You should hire an attorney. The real issue will be the value of the business.
0 upvotes
Mercedes Wechsler ·
In a divorce all assets and debts acquired during the marriage are considered marital and will be divided, or at least their values will be. You are absolutely entitled to claim for half the value of the business in a divorce. You will want to have the business evaluated by an expert to determine it's fair market value. If your wife manipulates the store's books to make it appear less valuable or profitable, a good expert and attorney will figure that out. The Court will not look kindly on that. You should definitely consult with an attorney.
0 upvotes

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