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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“Steve Lane has many years of experience in all areas of family and matrimonial law and that is why I chose him to be my attorney.”- Alice G.
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“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.
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“Dan and his staff did a great job handling my divorce. Due to COVID, my previous attorney bailed on me and Dan was able to take over my case and bring it to closure. He was very professional and supportive throughout the entire process. Dan always responds promptly and I highly recommend him and his staff.”- Former Client
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“Eric was with me every step of the way and I felt that he had my best interests at heart.”- Aus
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“The attorneys at Lane & Lane are clearly experts in the matrimonial field. Every client I have referred has reported back a great experience. I refer them without hesitation for 5-star representation.”- Ed R.
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“I can't say enough positive things about this firm. I dealt primarily with Eric Lane and he was nothing short of a "consummate professional". He was there for me at every turn in my case, ready to provide whatever support was needed by me. Not only was he able to deliver a satisfactory result in my situation, but he legitimately exceeded expectations. I don't hope to have to require legal representation again anytime soon, but if I do there is no doubt that I will be turning to Eric and company at Lane & Lane.”- Christian P.
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“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. They also have expertise where tax issues arise and personally care about their clients.”- Joan G.
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.
