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Take care to protect business assets during divorce

The complications that can arise in a divorce are many. Florida residents who have navigated through the process know this all too well. The experience is rarely simple with divorce issues including spousal support, child custody, child support, property division and more. If a business is owned by either or both spouses, the complexities associated with a divorce settlement can increase dramatically.

In such cases, the possibility for great asset loss by either party exists if careful planning is not undertaken. Many celebrities or other well-known people have been the subject of media reports containing such stories. A more recent story, however, relates the situation of one spouse who is expected to retain full ownership of his business assets after his divorce. The owner of the Indianapolis Colt NFL team will not share his team’s ownership with his soon-to-be ex-wife but instead be able to keep it fully.

The couple has been married for a total of 33 years although they have not lived together for the past 10 years. It was recently announced that they will now be getting a divorce. Their three daughters all have partial ownership in the team as well. A recent valuation of the football team by Forbes placed the asset at $1.6 billion. The team’s owner was also reported to have a personal net worth of $1.68 billion. The article did not indicate how his personal assets may be split in the divorce.

Whether a small mom-and-pop store or a large enterprise, any business interest and asset is important and needs proper protection during a divorce. Working with an experienced attorney may be the best way to ensure such protection.

Source: IndyStar.com, “Wife of Colts owner Jim Irsay files for divorce,” Mike Chappell, November 21, 2013

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