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.
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“I have been in a custody battle since my daughter was 3 years old. Multiple attorneys and honestly no one has been more competent as Steven Lane. He is always in contact and has been so knowledgeable. He honestly put me at peace in a very difficult time. He is very versed in his profession and honestly I wish I had met him years prior, I actually started to get proper justice when I hired him. He is understanding and caring as well as his staff has phenomenal character. I couldn't recommend this attorney enough.”- Lysette
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“Thanks, Dan for an honorable experience and faith restored in the legal system.”- Glenn P.
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“Because Daniel Lane’s specialty is matrimonial law, I found him to be experienced and tough, but also kind and willing to negotiate to settle the dispute.”- Former Client
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“I have personally worked with Eric Lane on numerous occasions for transaction insight and due diligence purposes while reviewing new opportunities for my business. His service was always extremely professional, helpful and prompt. Eric was able to give me valuable knowledge while helping to negotiate leases for new potential locations, as well as finding out information about the local township and regulations that would affect my business decisions; making me aware of things I wasn't and helping me to better understand things that I wasn't very familiar with. Whether a new business starting out or an established company looking to grow, I would highly recommend his services. I look forward to continuing to seek Eric's opinion and professional services in the future.”- Michael L.
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“Eric definitely had my best interests at heart.”- Austin
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“I hired Steve to represent me in my divorce. He is am amazing, knowledgeable lawyer and a good man. He's honest, upfront, caring, calming and never made me feel like just a client.”- Melissa
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“Steven made me feel like someone "had my back". He is a consummate professional, has a responsive staff, and I would certainly use his legal services again should the need arise.”- Former Client
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“Thank you so much Steve Lane and Lane & Lane firm for the outstanding representation you have given me! I was very impressed with how knowledgeable Steve is and how welcoming and friendly he and his staff is. Steve made me feel comfortable and confident and always exhibited dedication and concern for my situation. Always professional and compassionate! I would recommend Lane & Lane to anyone. Again, thank you so much Steve for you amazing help!”- Anastasios B.
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.
