Business Owner Divorce in New York | What You Need to Know

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For many business owners, owning/starting their own business is one of their greatest accomplishments. If you are getting divorced, you may be wondering what will come of your business. Read on to learn more about protecting your business during a New York divorce.

How are assets divided in New York?

In New York, a couple’s assets will be divided through the process of equitable distribution. This means your assets will be divided in a way that is fair, rather than equal. To determine this, the court will consider factors such as both spouses’ income, how both spouses contributed to the marriage, your child custody arrangement if children are involved, and more.

What is the difference between marital and separate property?

The big question is: Will your business be subject to equitable distribution during your divorce? The answer to this depends on whether the business is considered marital property or separate property.

Marital property is typically subject to equitable division, whereas separate property is not usually divided at all in a divorce. Separate property includes the following:

  • Inherited assets
  • Assets obtained prior to marriage
  • Gifted assets
  • Assets that are designated as separate in a written agreement

It is important to know that separate property can become marital property over the course of a marriage.

How can I ensure my business is protected during my divorce?

Luckily, there are numerous ways you can protect your business in the event of a divorce. For example, If the couple has previously agreed upon joint ownership of the business, a shareholder agreement can be put in place to assign value to each person’s interest in the company. In this case, if the parties decide to divorce, the shareholder agreement can make the process easier for both parties regarding the distribution of the assets. For those who owned their business before they married, a  prenuptial agreement can help avoid the business valuation process completely. A prenuptial agreement can allow you to outline what should happen to your business in the event of a divorce and help keep your business as separate property.

In order to create a prenuptial agreement or a shareholder agreement, reach out to our firm today. We are here to advocate for you and walk you through the process every step of the way. The sooner you reach out, the sooner we can begin protecting your business and other valuable assets.

CONTACT OUR FIRM

If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.

Why choose our firm?

We have an excellent AVVO rating from our many happy clients

We will tirelessly pursue a favorable resolution to your case

We offer aggressive and effective representation

We treat our clients with the compassion, patience, and respect that they deserve

We have more than 20 years of dedicated legal experience

We have the legal knowledge necessary to help you obtain the outcome you desire

We tailor our practice to the representation of your divorce case

What Our Clients Are Saying

I hired Susan to represent me in a divorce matter where I was fighting for custody and to limit my wife's equitable share of our assets. I won custody of our son, kept the marital residence, kept my professional practice, kept my building and paid less than half to my wife. This was after a long-term marriage. She could persuade the court that equitable is not equal and sometimes the man does deserve to win!

‐ Dave

I first must say that I had been represented by two prior attorneys both of whom had simply taken my money and left me nothing to show for it in my custody case. They kept telling me what they were doing for me but I found out they were lying. Susan on the other hand had gotten me temporary custody and support for my children and myself within two months of hiring her. I cannot say enough about her.

‐ Craig

After talking to a few other attorneys, I hired Susan to represent me in my divorce and custody dispute. I was reluctant to go with her because she was the cheapest out of all the other attorneys I met with, but I'm so glad I did. I am 100% positive no one else would have done such a great job with my case as Susan and her staff. Her work is quality, her staff is reliable and her character is honorable. There...

‐ Linda

I had a very difficult case where I had already burned through two attorneys who were unable to get me custody of my children and complete my divorce. Susan was able to rapidly work out an agreement and not let it just malinger on like my previous experiences. She was also considerate of my financial situation unlike all of the other lawyers I had spoken to. I highly recommend her if you want complete and caring service with an in-depth knowledge of...

‐ Joanne

SERVING ALL OF SUFFOLK COUNTY

The Law Offices of Susan A. Kassel, P.C. proudly serves clients throughout Suffolk County, New York in their divorce, family law, and estate planning matters. If you require the services of an experienced Suffolk County attorney, schedule a consultation with The Law Offices of Susan A. Kassel, P.C. today.

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