If you own a business and plan on ending your marriage, you may have a lot of concerns regarding the future of your business and if it will survive this process. In New York, marital assets are distributed equitably between both spouses. Your business, much like any other asset or piece of property, will be treated similarly.
Business and Divorce
No one likes to see the words business and divorce together in the same sentence, but it happens and it is important to understand the process. First, since businesses are treated just like any other asset, you will first need to determine if it is separate property or marital property.
Below is a list of the different types of separate property:
- Property you inherited
- Property you obtained before the marriage
- Property that was designated as separate in a marital agreement
- Property that was given as a gift
If you started your business before tying the knot, it would be considered separate property. That said, any appreciation in value that occurred during the marriage will be treated as marital property, so even if you got your business started before you even met your spouse, things can still get a little complicated, which is why hiring an experienced attorney is essential for this process.
When dividing a business, or any other asset, New York divorce courts will consider many factors, including:
- Each spouse’s age
- How long the marriage lasted
- Each spouse’s future earning potential
If you want to keep your business intact, it is possible to buy out your spouse’s share of it or offer another marital asset of comparable value. If you are friendly enough terms or believe you can maintain a good working relationship, you may even consider running the business together to avoid breaking it up and bringing it to an end.
Speak to a Skilled Divorce Attorney About the Details of Your Case Today!
At the Law Office of Tzvi Y. Hagler, P.C., our experienced divorce attorney has what it takes to help you dissolve your marriage and protect your best interests. We understand how difficult this experience can be and will do what it takes to obtain the best possible results.
Reach out to our law office today at (516) 514-3868 to schedule an initial consultation with our attorney to get started on your divorce case and learn more about how we can help.