Divorce is a complicated matter that is often compounded by the presence of a business. Whether the spouses work together or not, a business can complicate a divorce. If a business is considered marital property, it may be addressed in a court case. Property deemed “marital” will be divided in a just and fair manner, called equitable distribution. You should understand that even if one party worked solely on the business, it still may be considered marital property, in which case the other spouse could be entitled to some of its value. If you are a business owner or the spouse of one, you need an attorney that understands and has experience handling business owner divorces. Our business divorce lawyer can help.
Our business divorce lawyer can help
Peter V. Mandi & Associates, Inc. is comprised of experienced Suffolk County business divorce lawyers ready to assist you through your divorce when a business is involved. If you need a law firm to assess your situation, guide you through your legal matter, and passionately advocate on your behalf, contact Peter V. Mandi & Associates, Inc. for a consultation.
Marital property and a business
When property distribution is a contested issue in a divorce, New York courts will decipher between marital and separate property. Any asset deemed marital property will be valued and equitably distributed by the court. Property distribution is determined by a set of guidelines. If a business is considered marital property, there is a lot to consider.
Assigning value to a business in a divorce is often a huge burden on the business and business owner. When financial experts dive into the books and functions of a business, it makes the company vulnerable to the circulation of confidential information and, in cases of financial discrepancies, a reported matter to the IRS.
Protecting one’s business is important
There are ways to protect your business from the divorce process. One way is to draft a prenuptial or postnuptial agreement that establishes the business as separate property or details what will happen in case of divorce. Another way to protect one’s business is to draft a shareholder agreement. This can be utilized to assign value to each party’s stake in the business and even restrict the transfer of ownership.
Contact Our Business Divorce Lawyer
Divorce can be overwhelmingly complex when a business is involved. A business may be your most valued asset and it is important to do everything you can to protect it. When a divorce case is based on property distribution, our Suffolk County Business Divorce Lawyer is ready to help. If you are a business owner and need quality legal support, contact Peter V. Mandi & Associates, Inc. for a consultation.