How Can I Protect My Business Through the Divorce Process?

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How Can I Protect My Business Through the Divorce Process?

The divorce process is stressful as it is, and if you have a business that you would like to protect, do not hesitate to reach out to our experienced New York divorce attorneys to discuss your options.

Is my business subject to equitable distribution in my divorce?

Courts will use equitable distribution to divide and distribute marital property. It is important to understand that equitable distribution means “fair” division, not “equal” division. Before a court is able to divide property, marital property and separate property must be determined. Only marital property is subject to equitable distribution. In many instances, a business is considered marital property. A court will typically consider the value of the business and make their equitable distribution determinations accordingly.

What is the difference between marital or separate property?

Marital property is typically divided equitably. On the other hand, 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

How is the value of my business determined?

For a property to be equitably distributed, the court must put the business through a valuation process to figure out the company’s value. Usually, in order to determine the value of the business, several experts will need to investigate the finances of the business. If any unexpected differences are found, the Internal Revenue Services may have to intervene. If this happens, there can be serious legal and financial consequences that will add to the complexities of the divorce process.

If you are going through a divorce with a business, do not hesitate to contact our firm today if you would like to discuss the specifics of your case with an experienced New York divorce attorney.

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

It is expected for business owners to be concerned about their business as they move through the divorce process. Fortunately, there are many options that individuals can take to protect the business. First, 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. Then, if the parties decide to divorce, the shareholder agreement can make the process easier for both parties involved regarding the distribution of the assets. In specific situations, those who have their business before they are married might consider a prenuptial agreement to avoid the business valuation process completely.

It is in your best interest to reach out to our firm if you have questions or concerns about how you can protect your business during your divorce.

CONTACT OUR FIRM

Matters of divorce and family law should be navigated with the guidance of an experienced attorney. 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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