Can the operating business be the largest asset that is divided instead of the marital home, even if owner is sole proprietor?

Asked about 5 years ago - Tampa, FL

Husband and I getting divorced in FL. Married 14 years. Kids. Large debt, husband has large income, I am having a hard time finding a job. Husband is forcing sale of home to pay off his tax debt. He is sole proprietor of business. Business will continue to run. Annual income of spouse is more than the total value of the marital home if sold today.

Attorney answers (1)

  1. Lori I Barkus

    Contributor Level 13

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    Lawyer agrees

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    Answered . In a divorce, the court divides all assets and divides them equally. In some cases, the court will order the sale of all assets. A business is a mixed concept in the sense that it may be an asset- meaning that it could be sold to someone who will then operate it- but it is also income. Depending on your situation- and there are too few facts here to make any conculsions- it might be in both of your best interests for the business to continue to run because it provides a source of income.

    I am also unclear what you mean by "forcing the sale of the home". Only a court can "force" something- by ordering it.
    It would be in your best interest to consult with an attorney about your rights to the home, business and income.

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