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 can’t say enough about Dan and the Lane & Lane firm. Dan carefully listened to all my concerns and goals throughout this process and explained everything that was required to meet my goals. Dan is always available whenever I call him for any questions or concerns. I would recommend Dan and the Lane & Lane firm to anyone looking to get any legal advice in the state of NJ, they are top-notch. Thank you, Lane, & Lane for your outstanding service.”- Satish P.
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“I was very lucky to have Mr. Steven Lane guide me through my case, as the divorce was a very challenging life event for me. He had a great sense of humor to diffuse many stressful situations. His wisdom and calmness helped to settle the divorce case peacefully and efficiently. When negotiations got tough, he was always able to find common grounds for two parties to reach an agreement. More important to me, Mr. Steven Lane is so humble and friendly, he never appears as an arrogant lawyer in a fancy suit. On the contrary, as an Asian immigrant, I felt very much accepted and respected by him and his team. I've learned so much from him while working together on my divorce case. So I highly recommend him.”- Ching F.
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“I would highly recommend Dan for any case related to Family Law.”- Former Client
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“Dan's patience and understanding allowed me to put trust in someone at a time when that was most difficult for me.”- Dominic
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“Eric definitely had my best interests at heart.”- Austin
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“Very knowledgeable and always willing to go above and beyond. I really appreciate doing business with someone that knows how to do things right. Very good value for a great price. Highly recommended!”- Jean L.
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“Daniel Lane was very helpful and most of all listened to what I had to say. He took the time to see me and was always in communication. His office and staff are very professional and accommodating. Highly recommended.”- Giuseppe B.
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“Lane & Lane did a great job representing me in my divorce. Dan Lane is the best - I highly recommend him!”- Beth Ann L.
