Legal Question in Business Law in Florida

Family Business/Divorce

My soon to be ex-wife owns 51% of our dual discipline engineering firm and is keeping name and her group of employees. I own 49% and will be starting own my own firm. My group lagged in revenues this FY and my spouse feels that she is entitled to financial compensation. I feel that her keeping the name and location as well as me having to reestablish my new business is worth compensation. i am agreeable to a comprimise but she is not. Does she have a right to request compensation above her stock percentage even if no prior agreement was made to split the finances of the two groups? There was no prior agreement to this effect.


Asked on 12/11/07, 3:41 pm

2 Answers from Attorneys
Scott R. Jay Law Offices of Scott R. Jay

Re: Family Business/Divorce

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

Without reviewing the written shareholders agreement or other written documentation, it is impossible for any attorney to provide any valid advice. I suggest that you speak with your respective divorce counsel and seek his or her advice.

Scott R. Jay, Esq.

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Answered on 12/11/07, 11:51 pm
Stuart M. Address Law Offices of Stuart M. Address, P.A.

Re: Family Business/Divorce

This would either be handled as part of you divorce or otherwise it is a business transaction in which you could both have attorneys represent you. If your family law attorney is not handling this matter and you would like a consult, please contact me.

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Answered on 12/13/07, 11:37 am


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