Whats Marital Labor and as a Business Owner How Will it Affect my Divorce - Free Essay Example

Like the residents of Florida, all Florida divorces are distinctive and individual in their own way. When contemplating divorce, sometimes it is informative to find divorces that somewhat mirror your situation so that you can allow the rulings within that case to guide your own preparation. Your Orlando Divorce Attorney will guide you through previous case law, as well as rules and regulations in Florida, when crafting your divorce settlement agreement. One such monumental, and very individual case is the case of Bair v, Bair. This case reached the Second District Court of Appeals, and the rulings can now be utilized by spouses in similar situations. This specific case involved a business owner who had partial ownership of the business and also worked there full time. His employment ran the length of his marriage. Because he also held nonmarital assets in the company, this became somewhat complicated. Discussions on this case give Orlando Divorce Attorneys more information on business valuation and asset division. Understanding the Dispute The Background Before fully understanding the ruling, you need to be familiar with the background of the case. In 2012, Mr. Bair filed for divorce. Through their attorneys, the partners agreed on child custody and the division of the majority of the marital assets, including the home. The disagreement came when discussion moved to Mr. Bair’s business. Mr. Bair is part owner of a Florida Boat Dealership which was started by his father during his youth. It is still a family owned business, with all of the siblings owning shares. At the passing of his father, Mr. Bair inherited a larger portion of the company. He also worked at the business full time. The court was quick to agree that the business itself was ‘non-marital property’ and both parties agreed. The argument arose that because he had labored at the business throughout the marriage, any subsequent increase in business value resulting from his labor should be considered a marital asset. In 2017, the appeals court agreed- ruling that labor does qualify as a marital asset. The case was then returned to court to determine the correct amounts of the equitable distribution based on the new ruling. Equitable Distribution Florida Law mandates division of assets in an ‘equitable’ but not always equal manner. When calculating this division, the court looks at the following three areas: What assets qualify for equitable distribution due to being marital assets? What is the value of each asset to be distributed? What will be a fair distribution of the assets held within your marriage? There are some cases where this distribution is simple. If a couple has a joint bank account that contains $20,000 and the court has recommended equal distribution- then each spouse will receive $10,000 from that asset. Other assets, such as a family home, may not be as easy to distribute. Contact an Orlando DIvorce Attorney Financial considerations are some of the hardest parts of a divorce to understand. Using prior case law can help to guide you to an appropriate ruling that could be beneficial to your case. Discuss your case with your Orlando Divorce Attorney so they can help you to understand how these prior cases can benefit you.