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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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    “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
    Their staff is well trained, always friendly and easy to work with.
    “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.”
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    First class professional.
    “From the initial consultation and throughout the legal process, Dan and his firm made me feel that my case was of utmost priority.”
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    “Throughout the process, Dan constantly put my interests, goals, and objectives front and center.”
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    Eric is by far the best lawyer I’ve ever had.
    “Eric is by far the best lawyer I’ve ever had. He doesn’t rush, takes his time to go through all files, and always has time to talk. It is my first case using him and he is a bull in the courtroom. As well, the law firm is very respectable and they always return calls. Thank you again, Eric. if it wasn’t for you I wouldn’t have my daughter.”
    - Marcel B.
    Truthful and helpful throughout the whole process.

    Dan and his staff were amazing. Truthful and helpful throughout the whole process.

    - Adam
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.
Lane & Lane, LLC Lane & Lane, LLC
Somerville Office 908-259-6673
Locations
  • Somerville Office
    84 East Main Street
    2nd Floor
    Somerville, NJ 08876
    Map & Directions
  • Morris Plains Office
    101 Gibraltar Drive, Suite 2F
    Morris Plains, NJ 07950
    Map & Directions
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