Florida couple can divorce thanks to stronger economy

0 Comments

A couple in Florida has wanted to get a divorce for years, but they felt that it was impossible because of the state of the economy. Putting aside their emotional and romantic issues, they stayed married when they both mutually wanted to split, putting their struggling business ahead of their personal relationship. They needed each other if they were going to have any chance to make the business work, and the economy was just too weak to sustain it unless they were in it together.

The problem was that they were facing a complex asset division situation. They both owned the business, so they were not sure how it would be divided. The husband wanted to keep it, but it was not making enough money for him to pay off his wife’s share and buy her out. The only real way to divide it may have been to liquidate it, something else that is not a sure bet in a struggling economy, and then divide the money. If they did that, the business would be gone. All of those jobs would be lost.

Now that the economy has strengthened again, the company has expanded, adding new employees and earning far more than it was for the past few years, and the couple has finally gone to court to file for a divorce. They are both equally happy with the decision. All in all, they are just glad that they can finally move on with their lives in the way that they have been wanting to for so long.

Divorce situations that involve a business can be very tricky because both sides have a right to the value of that business if they both put money and time into it. It becomes an asset that must be divided. In a recession, this can make a divorce financially difficult, and so divorce can act as an indicator of a healthy economy.

Source: Businessweek, “Worsening U.S. Divorce Rate Points to Improving Economy” Steve Matthews, Feb. 18, 2014