When a couple divorces in Florida, their debt and marital property – the property they have accumulated and shared during their marriage – is subject to property distribution. Depending on your jurisdiction, it is either split equally (community property states) or equitably (equitable distribution states). Florida is an equitable distribution jurisdiction. Sometimes, marital property includes a business that the couple started together or, alternatively, one spouse started either before or during the marriage and continued to grow during the marriage. The business, under these circumstances, will also likely become subject to property division unless you take steps to safeguard it. Read more on how to safeguard your business.
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Businesses are involved in any number of things that can lead to any number of disputes within a business and between businesses. You can proactively work to minimize and avoid many common disputes but thorough planning is not always enough to evade disputes altogether. When a business dispute in Florida arises and is not adequately addressed, it can seriously impact a business' stability, reputation, and bottom line. You want to address the harm done to your business so you can prevent further damages and recover monetary losses or other relief. You also want to defend against claims that could result in monetary judgments against the business and result in other costly penalties. Continue reading for more considerations regarding business disputes in Florida.