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.
-
“Dan's patience and understanding allowed me to put trust in someone at a time when that was most difficult for me.”- Dominic
-
“Daniel Lane helped me execute my divorce after an independent mediation. He was very professional, easy to deal with and sensitive to the procedure. That was the most unexpected and pleasantly surprising part of our relationship during the process. During his consultations, he dealt with me as a person first and foremost, not just a client on a retainer. I highly recommend him and his practice.”- Joe P.
-
“Eric is very thorough and he makes sure that your needs are heard and met. I highly recommend Eric Lane for your legal needs.”- Chandra
-
“Best law firm you could ever hope to have on your side!!! Dan Lane is my divorce attorney and he is the best lawyer ever! He has literally won every single battle for me!!! Every time I go into the office everyone is so friendly and amazing!!! Dan’s secretary Victoria is the sweetest person ever! She always keeps me on top of everything!! I couldn’t have found a better lawyer than Dan, not once has he let me down on my entire divorce. Dan truly cares about his clients and every single time I have a concern or worry he calls me or emails me and reassures me even if he’s not in the office!! I honestly wish Dan could be my lawyer for everything I ever need to go to court for because he is a winner and the very best!”- Brittany L.
-
“He was very knowledgeable, trustworthy, and informative lawyer, during the whole process. Always kept me informed of the process and how things would work, any questions I had he was always there to listen and get me an answer for anything I had a concern with, I would totally recommend him and the firm to anyone.”- Michele
-
“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
-
“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.
-
“Mr. Steven Lane, Lane and Lane were so helpful giving expert advice and giving direction with my issues. They always followed the law and with their direction and legal advice, they were gentle and understanding.”- Former Client
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.
