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.
-
“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.
-
“Lane and Lane LLC is highly professional and stands out from the rest! Not only are they reliable, so your mind is at ease that they will get the job done, but they are personable and have their client's best interest at heart. Lane & Lane truly has their client's backs, and we are so grateful to them.”- Antonella B.
-
“Not only was Eric able to deliver a satisfactory result in my situation, but he legitimately exceeded expectations.”- Former Client
-
“Professional and outstanding attorneys. Eric Lane provided exceptional service handling all my personal legal issues.”- Walter R.
-
“I have used Lane & Lane and I was very happy with the way they handle my case. Very professional. I would recommend Lane & Lane to anybody that needs a good divorce lawyer.”- Emilio R.
-
“I recently used Eric Lane to handle a very ugly divorce I was going through. I had started with a different attorney and decided to switch to Eric and am so glad I did. He gave me the facts straight and handled me as well as my dispute excellently. I have recommended Eric to a friend already, who has also recommended another mutual friend. I would suggest to anyone who unfortunately is getting divorced to go and see him for a consultation.”- Gary R.
-
“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
-
“Met with Dan on a project. I also had discussions with one of the largest firms in the state and after both meetings, what I recognized is that the larger firms just take cookie-cutter documents and don’t take the time to listen to a client's needs. Dan took the time to educate me on what the project required and how to complete it. He listened and educated, versus the other firm just asking what do you need (note I had no idea where to begin on the document) and then talking at you like a number. I highly recommend Dan.”- David M.
