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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“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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“Dan was great, very upfront and honest. Explained everything fully and to the point.”- Adam C.
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“Eric was recommended to me in 2013 when I was going through a very difficult divorce and custody fight. He’s been with me every step of the way. It’s been a long journey and he’s been supportive and has continued to fight for me. He’s made a very difficult process a bit less stressful and easier. Always willing to talk to me about my concerns. I can’t say enough about him. He’s been amazing. I definitely would recommend this law office to anyone who is dealing with the stress of divorce.”- Jessica C.
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“Dan Lane is very professional and cares about his clients. Dan and his team work diligently to get things done.”- Jessica W.
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“I would recommend Lane and Lane in a heartbeat to anyone who needs counsel. They are honest, caring and will always be there when you need them.”- Carl
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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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“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.
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“Not only are they available during all hours of the day, but they also have extensive knowledge of the law.”- Charles W.
