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.
To speak with a divorce attorney in Palm Beach Gardens, Florida, contact Matthew Lane & Associates, P.A. at (561) 363-3400.