Chadwick M. Layton, Esq.[i]
Harvey Waddell & Layton, P.A.
HOW TO PROTECT YOUR SMALL BUSINESS IN DIVORCE
We are not all W-2 wage earners that take home bi-weekly pay checks. Small business owners know this fact well.
Small business owners handle gross revenues of the business, payroll expenses, fixed asset expenses and the other monthly costs of the business. The owner also builds a reserve for the business to handle the inevitable peaks and valleys in the economy and in their specific industry.
After addressing the overhead and reserves for the business, the responsible business owner budgets a monthly draw or monthly salary to be paid from the business to the owner.
The lifeblood of the small business is in fact the business owner and the goodwill that he or she has built for the business over many years. The clients, referral sources and the service that is provided by the business are all the result of the business owner and unique relationships. If the owner were to leave the business, the value of the business would plummet.
This situation is one that the attorneys at our firm have addressed many times in the context of divorce. Specifically, instances where our client is the owner and operator of a small business and is now preparing for divorce. What can be done at the outset of the divorce to assure that the business remains with our client and under their control? What can be done to show that the business is reliant upon our client and their expertise in the industry? What can be done to show that the value of the business is actually very low if you were to remove our client from the business? What can be done to minimize the exposure to alimony?
Our firm is experienced and trained in the intricacies of protecting small business owners in divorce. We have a proven track record of guiding small business owners through the divorce process and securing the business and its assets for our client. Furthermore, we have settled over 90% of our divorce matters out of court.
We understand that our clients have worked all their life to build a business and they need a law firm that knows how to protect their business in divorce.
If you or a friend has questions about divorce, do not hesitate to call us to schedule an initial divorce consultation.
[i] Chadwick M. Layton is a partner and shareholder at Harvey Waddell & Layton, P.A., located in downtown Lake Worth.
Mr. Layton is also a member of the Florida Bar Family Law Section and the Susan Greenberg Family Law American Inn of Court of the Palm Beaches, further information is available at www.LaytonLawOffices.com or by calling our office to schedule an appointment.
Phone (561) 585-4631