Advocacy For Your Business Enterprise During Your Divorce
The financial intersection of your marriage and your business can be complicated to unwind in a divorce. Disputes in this area can threaten not only your personal wellbeing but also your professional future. However, seasoned divorce attorney Jane K. Cristal will help you travel through this part of your marital dissolution efficiently, analyzing your settlement options.
Attorney Cristal has practiced New York family and divorce law since 1987. She works with business owners and investors in Mineloa and surrounding municipalities in Nassau County. She is a compassionate yet strategically aggressive ally as you face business-related divorce concerns.
Understanding New York’s Marital Property Laws When Splitting A Business
New York is an equitable distribution state, meaning a judge determines what is fair if property division questions end up in court. Determining the division of business properties will depend on several factors, including:
When The Business Or Practice Began
Did you or your spouse establish your organization before or after marriage? Did you or your spouse start the business individually, or did you start it together?
The Amounts Invested From Either Spouse
How much money did you and your spouse put into the business? Were those investments made when you were married or before that? If it was before you were married, did one of you invest more money into the business than the other?
The Effort Of Each Spouse On The Business
How much did your business grow throughout your marriage? Was the value increase significant? Did you or your spouse make critical decisions surrounding business operations? Did you or your spouse work directly for the business in some capacity? Did the decisions you or your spouse make directly impact the profitability of your enterprise?
The answers to all these questions can factor into how a judge might view what is fair when splitting business ownership and assets.
If parties in a divorce cannot agree on the value of their business property, the court may have to step in and decide for them. Attorney Jane K. Cristal offers multiple collaborative divorce options that may help you reach suitable agreements with your ex-spouse: negotiation, mediation, pre-trial litigation and court intervention … and, possibly, trial.
What Are Your Options If You Own The Business Together?
If you and your spouse both own the business, a common option is to have one spouse buy out the other. The spouse who wants to continue running the subject business, may, for example:
- Finance the purchase and make monthly payments to the selling spouse, or
- Offset the cost of a buyout by exchanging other assets with similar value.
Attorney Cristal will provide insightful analysis and easy-to-understand explanations of whether this option makes the most sense for your situation.
Reach Out Now For More Information
We provide free initial consultations and serve New Yorkers throughout Nassau County and surrounding areas. Call our office at 516-744-1910 or email us via our contact form to set up an appointment.