Tag Archive for: Tampa divorce attorney

Do My Business Bank Accounts Get Divided In A Florida Divorce 1 - Family Diplomacy | A Collaborative Law Firm

What is Equitable Distribution in Florida?

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If you are going through divorce in Florida, one of the first financial questions is simple but important: What happens to your assets and debts?

In Florida, this is called equitable distribution. It is the process of dividing marital assets and marital debts in divorce. For many professionals, business owners, executives, and high-net-worth families, this can include real estate, retirement accounts, business interests, investments, credit cards, mortgages, and other financial obligations.

The video below gives a brief explanation of how equitable distribution works in Florida and how Collaborative Divorce can help keep financial information more private.

Quick Answer: What Is Equitable Distribution in Florida?

Equitable distribution in Florida means how you and your spouse divide your assets and debts in divorce.

Florida has default rules that courts follow, but you and your spouse can reach your own agreement. In Collaborative Divorce, you can make these financial decisions outside of court, with privacy, professional guidance, and more control over the outcome.

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Income Withholdings - Family Diplomacy | A Collaborative Law Firm

Why Cordover Advises Divorce Clients to Avoid Income Withholding Orders

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Florida Income Withholding Orders (“IWOs”) are the default method for paying child support and alimony.  However, if you are a doctor, lawyer, executive, business owner, or other professional reaching an agreement through Collaborative Divorce or another method, you may be better off avoiding IWOs.

If you have helped build your family’s wealth in Tampa Bay or anywhere in Florida, you likely value privacy, joint control of outcome with your spouse (rather than a judge), and efficiency. The last thing you want is unnecessary government involvement in your financial life when you and your spouse have already reached a thoughtful agreement.

Let’s talk about why.

Quick Answer

In Florida, Income Withholding Orders are required by default for child support and often used for alimony, but when you reach a voluntary agreement through a private process like Collaborative Divorce, you can usually choose to exchange payments directly and avoid unnecessary employer involvement and bureaucratic complications.

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Do My Business Bank Accounts Get Divided In A Florida Divorce 2 - Family Diplomacy | A Collaborative Law Firm

Do My Business Bank Accounts Get Divided In A Florida Divorce?

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If you own a business and are facing divorce, you may be wondering whether your business bank accounts—the checking, savings, operating, or money market accounts tied to your company—could be considered “marital assets” and divided.

For many professionals, these accounts represent far more than just money. They reflect years of effort, payroll obligations, and the foundation of your financial life. Understanding how Florida law treats business bank accounts can help you protect what you’ve built and choose the right path forward.

Quick Answer: Can Business Bank Accounts Be Divided in a Florida Divorce?

Yes. Business bank accounts can be divided in a Florida divorce depending on when and how the business was created, how the accounts were funded, and whether marital income or marital efforts contributed to their growth. Under Florida’s equitable distribution law, the court can treat those funds as marital property even if the accounts are in only one spouse’s name or owned by the business.

How Florida Law Treats Business Bank Accounts in Divorce

Under Section 61.075, Florida Statutes, courts must divide marital assets and debts fairly, though not necessarily equally. Marital assets generally include property or income acquired during the marriage—regardless of whose name is on the account.

That means if your business was formed or operated during the marriage, the funds in its business bank accounts could be considered marital.

If your business predated the marriage, those accounts might begin as nonmarital. Still, any increase in their balance or new deposits during the marriage can be at least partly marital—especially if marital income was added or your marital efforts contributed to the business’ success and growth.

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