When you start a business with another person, you hope it will thrive for many years to come. If it doesn’t, you will need to find a way to end your relationship.
Most business attorneys will tell you the best way to separate from a business partner is through a process of negotiation and mediation. However, these techniques do not work in every case. If they don’t work for you, you’ll likely need to litigate your business divorce.
Before you start the litigation process, though, there are a few issues you may want to consider, such as:
Litigating a business divorce in the state of Florida tends to be a fairly time-consuming process. The exact length of your case will depend on factors like:
- The size and scale of your company
- The state of your legal and financial records, and
- Your business partner’s willingness to engage in the process
In general, however, you can expect litigation to take at least a year. This is quite a bit longer than the three to six months it usually takes to complete a business divorce through mediation and negotiation.
Because litigating a business divorce takes a long time, it is an expensive process. If the divorce is uncontested, your legal expenses will likely reach five figures. If your case goes to trial, you can generally expect a six-figure bill.
Before you begin litigating, it’s worth considering whether the value of the business warrants this kind of financial investment.
Emotions tend to run high during a business divorce. This is especially true if the matter is being resolved through litigation.
Before you take your business partner to court, it’s a good idea to think about the impact a move like this will have on your personal relationship with them. If you hope to continue being friendly with them after the divorce, it may be worth giving mediation another shot before you jump into litigation.
Need Help Litigating Your Business Divorce? Contact The Frazer Firm Today!
Now that you have considered these important issues, is litigation the right move for you? If so, please do not hesitate to reach out to the experienced business litigation lawyers at the Frazer Firm in Jupiter, FL. We have been helping local business owners navigate the divorce process for many years, and we are ready to go to work for you!
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