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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“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.
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“He guided me through the process and settled my nerves when I was apprehensive. He has my best interests and made sure I was protected. He really knew his business and I am so happy that I selected him to represent me. He made himself available to me almos”- Myria T.
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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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“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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“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.”- Anastasios
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“Quick, knowledgeable, professional, and very responsive to questions and inquiries. A positive experience from reception-to-attorney. I would request legal services from Lane & Lane again as well as recommend them to others.”- Orlando H.
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“- Adam
Dan and his staff were amazing. Truthful and helpful throughout the whole process.
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“Thanks, Dan for an honorable experience and faith restored in the legal system.”- Glenn P.
