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Matthew Lane & Associates, P.A.
Palm Beach Gardens, Wellington, Boca Raton, West Palm Beach (561) 328-1111

May 2019 Archives

Divorce in Florida - Division of a Business

Divorce proceedings in Florida often involve the division of a business that is jointly owned and operated by a husband and wife. In a recently decided case captioned Bowen v. Volz, the lower court divided a business owned by a husband and wife. The trial court awarded each party a fifty percent interest in their business. The Florida Court of Appeal reviewed this decision and began by commenting on the lack of evidence that was presented to the trial court concerning the valuation of the business. The Florida Court of Appeal then reversed the trial court. The Court stated that it is inappropriate to make a husband and wife remain the joint owners of a business after they are divorced. Awarding a former husband and a former wife a shared interest in a business is in effect requiring them to operate their business as partners. This is an intolerable arrangement. The appropriate remedy is for the parties to present a full and complete valuation of the business to the trial court and for the court to then award the asset to one of the parties and create a distribution plan which causes the least disruption to the business and is beneficial and practical for the parties.

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Palm Beach Gardens Office
The Financial Center at the Gardens
3801 PGA Boulevard
Suite 600
Palm Beach Gardens, Florida 33410

Toll Free: (800) 411-3434
Phone: (561) 328-1111
Palm Beach Gardens Office

Wellington Office
Wellington Reserve
1035 South State Road 7
Suite 315
Wellington, Florida 33414

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Phone: (561) 328-1111
Wellington Family Law Office

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Phillips Point
777 South Flagler Drive
Suite 800
West Palm Beach, Florida 33401

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Phone: (561) 328-1111
West Palm Beach Family Law Office

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One Boca Place
2255 Glades Road
Suite 324A
Boca Raton, Florida 33431

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Phone: (561) 328-1111
Boca Raton Office