Written By: Lenorae C. Atter
As a family law attorney in Jacksonville, Florida, I handle a number of different divorce cases. The issues are always different because individuals and their assets, debts, businesses, incomes and matters related to their children are always different. One thing I have noticed is the surprise of my clients when they discover a business that was started during the marriage is actually a marital asset or liability, depending on the company’s solvency.
In order to define the asset/liability, it is important to recognize what the business is and if the business is solely dependent on the spouse(s) work. A business valuation is typically a good idea, so that an outside, neutral party can determine the actual value of the property.