Divorce for Business Owners
Somerset County Divorce Attorney for Business Owners
Divorce Guidance for Business Owners in Morris, Union, Middlesex, & Essex Counties
Many individuals in New Jersey or elsewhere have put years of planning and work into cultivating a successful business. When the owner of a business is facing a divorce, he or she might have concerns about the impact a similar situation might have on the future of the company. There may be several options to consider during this period that might help one keep the longevity of the company intact.
If you are a business owner going through divorce in Somerset County, please contact our business owners divorce attorneys to begin discussing your situation today. You can contact us online or by calling (908) 259-6673. Also serving clients in Morris County, Union County, Middlesex County, & Essex County.
Understanding Marital Property and Your Business
Even if a person owned the business before marriage,at least a portion of its worth may be considered marital property, especially if it increases in value throughout the relationship.
How Business Interests Are Divided in Somerset County Divorces
Traditionally, there are three methods a couple will pursue when distributing a business interest, which include but are not limited to the following:
- 1. Buy out your spouse’s interest in the business
- The most common method used is where one spouse buys out the other spouse’s interest in the business. This method will only be successful if the buying spouse can appeal to the selling spouse’s price with liquid assets.
- 2. Enter a co-ownership
- Another way to distribute a business asset is to enter a co-ownership, where both parties own the business together. Another method would be where one spouse continues to run the business while the other agrees to accept payments from future business proceeds to satisfy his/her share of marital assets. Co-ownership is typically most effective when the couple had an amicable divorce.
- 3. Sell the business and divide the proceeds
- If neither of the two methods listed above are viable ways to distribute the business interest, the next move may be to sell the business and divide the proceeds.
-
“Divorce is a traumatic event, no matter how much both parties involved try to work through the process. Lane & Lane were a great sounding board for my concerns and needs. They listened and protected me from opposing counsel's comments and demands. I highly recommend Lane and Lane to represent you if this personal need arises. Pete Wright”- Pete W.
-
“I wouldn't trust anyone else to help guide me through family law. Not only are they extremely knowledgeable about divorce and other family matters, but they have solid finance and accounting backgrounds as well. Support on the financials is huge. They are true specialists and it shows compared to other firms that cover many areas of law.”- Lawrence W.
-
“It was a pleasure working with Dan Lane and his team. They were professional and went above and beyond to ensure that my case proceeded smoothly and in a timely fashion without any judgement. This is a great starting point for anyone looking for legal counsel for a good value with exceptional results. It is clear from the get-go that Dan is a hard-working organized individual who can think quickly on his feet.”- Former Client
-
“Upon meeting Steven Lane, he saw me right away and I could tell he was the lawyer I wanted to work with. He was very professional and personable. He kept in constant communication, even on weekends when I was panicking about an issue.”- Joseph O.
-
“Lane & Lane have been a huge help for our business. They've helped us navigate federal regulations, state regulations, buyout agreements, and corporate structure updates. They're accessible and timely, highly recommend.”- Colby J.
-
“I would recommend Lane and Lane in a heartbeat to anyone who needs counsel. They are honest, caring and will always be there when you need them.”- Carl
-
“As a local mediator/attorney, I have worked with Lane and Lane for years and send them clients. They are always prepared, know their files and respond to emails and letters as needed. Their staff is well trained, always friendly and easy to work with. They can handle even complex and difficult cases.”- Joan G.
-
“Eric Lane and his team were very professional and helpful. During our first conversation, he took the time to help me get to know the firm and confirm that they could help me. I went in having no idea what to do and he handled all of my concerns. He made sure that I got everything I needed or was entitled to and that I understood everything that was happening. He was very effective in getting my case settled and supported me every step of the way. I highly recommend Lane & Lane for their excellent service.”- April M.
A Resolution Is a Step Away
Let us devote our time to your case that can range from divorce, child custody, equitable distribution, domestic violence, and more. We are committed to find an end solution that you and your family can walk away from with peace of mind.
