Rockland County, NY Divorce with a Business Attorney
Protecting the rights of clients facing divorce with a business
When a family has a business, divorce can be quite complicated. No one wants the divorce to impact the business but per New York’s rules on equitable distribution of assets, if the business is considered marital property, it must be addressed in the divorce unless agreed to outside of court. Whether one party is the owner and operator while the other works, one party works on the business while the other takes care of the home, or both work together, each party has some entitlement to the value of the business. When a divorce is hotly contested over the valuation and allocation of assets, the business can be vulnerable. If you are facing divorce and believe that your business may be impacted, you need to consider your legal options and contacting an attorney is in your best interests. Our firm is ready to assess your case, guide you through your legal options and passionately fight for your rights and future. Contact The Law Offices of Mark S. Paige, P.C. for a consultation.
Your business and marital property
New York courts need to decipher between marital property and separate property before they can equitably distribute assets. If the property falls under marital property, it will be factored into the equitable allocation of assets following the general guidelines courts follow. Equitable distribution functions to provide a fair and just dispersal of assets. This means that, depending on the facts of the case, it may not be an equal split. Before they can split assets, they need to assign value to said assets. This may impact a business deeply.
Valuation of a business can be a burden on business owners. In order for courts to assign value, they need to understand how the business functions. A business owner could be subjected to an examination by financial experts acting on behalf of the court. Unfortunately, this means that if there are discrepancies, the court is obligated to report the matter to the Internal Revenue Service. Aside from that, a business could be vulnerable to the circulation of confidential information.
Protecting a business from divorce
There are ways to protect a business from the divorce process and contacting The Law Offices of Mark S. Paige, P.C. is a great way to start. If you jointly own a business, a shareholder agreement can protect your business from the prying eyes of the court. This document can value each party’s interest in the company, detail ownership when divorce is a reality, and even restrict the transfer of ownership. Another option is to draft and sign a prenuptial or postnuptial agreement detailing the business as separate property or establishing the same mechanism as a shareholder agreement. These protective measures can help you focus on more important issues related to your divorce.
Contact a Rockland County divorce attorney to protect your business
Business owners need to protect their most valuable assets. When faced with a divorce, one’s ability to earn can be negatively impacted when a business is part of the marital property to be equitably distributed by the court. If you are a business owner and need quality legal services and advice through a divorce where a business is involved, you should contact an attorney. Our firm is ready to fight for your future. Contact The Law Offices of Mark S. Paige, P.C. for a consultation to discuss your legal matter.