You worked hard for years, even decades, to build and grow your Florida business. It may seem like all of your hard work is up in the air once you decide to divorce, and you understand how important it is to protect your business assets during this process. One of your main goals during divorce is probably to fight for the future of your company and preserve your financial interests.
It is possible that your business or a portion of your business assets is marital property. This means your property may be eligible for division in a divorce. As part of fair property division, you will probably have to seek a valuation of your business. When it comes to your company and your financial future, it is smart to know as much as possible about what to expect and how you can make smart decisions during this process.
What determines the value of your company?
A few different factors can affect the exact value of your company. What your business is worth depends on much more than just how much profit you make in a year or what type of assets your company has. Several intangible things may affect the results of the business valuation process, including the following:
- Contracts – If a contract adds value to your business, it is an asset, whether they are with employees, customers or third parties.
- Patents and patent applications – These are a specific way to protect the interests of your company and keep your processes and products where they belong. They are also an asset.
- Secret processes – This includes any type of proprietary information, such as formulas, processes and procedures, that set your business apart from the competition
These intangible assets can significantly affect how much your business is worth, which in turn affects the process of dividing marital property. It is smart to be aware of these things as they can impact the final order and the future operations of your company.
Security for your business
Your family business is one of the most significant assets that you will have to address in your divorce. There is a significant benefit in working with an attorney experienced in financially complex divorces and high-value property division processes. With the right help, you can fight for the security of your business and lay the foundation for its continued success for years to come.