What Happens To My Business In A Divorce?
Attorneys Who Work To Sort Out Your Business Assets
Many affluent New Yorkers have built successful and complex businesses based on their skill and determination. Such businesses include hedge funds, investment companies, private medical and legal practices, family and closely held corporations and companies as well as publicly traded entities.
In a divorce, those businesses will need to be assessed and valued. Business valuation is an essential component of determining marital assets. At Peter Morris Law, experienced attorneys guide their clients through the process in order to properly evaluate and ascertain the true value of a business toward preservation of assets or an award or settlement accurately and positively reflecting a party’s contribution to the business and the marriage as an economic partnership.
There are several possible outcomes for a business when a couple goes through a divorce. Much of that is based on the type of business or industry, the history of the business endeavor and how it came to be and its performance or growth throughout the marriage as well as expected performance in the years to come. Even if a spouse did not have a direct hand in managing or founding a business, that spouse might still be a critical component of it and thus be entitled to some of its assets.
Helping You To See The Full Picture
Much like other marital assets, business assets are frequently viewed as being the result of a dual effort. While one member of the couple ran the business directly, the other may have played an invaluable supporting role by taking care of children and household duties.
It may not be feasible, or desirable, to sell a business and divide the proceeds of the sale. If the business is a publicly traded one, however, it might be plausible to sell off one party’s interest in the business by liquidating their shares. However, this could prove to be a short-sighted strategy.
The lawyers at Peter Morris Law work with their clients to craft a specific strategy regarding the division of business assets tailored to the individual client’s needs. Contact them today via email or by calling 212-256-9486 to schedule a consultation.