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 was my 3rd attorney during my divorce/visitation process, which for a man in NJ can be very expensive and overwhelming. Dan carefully listened to all of 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. My most important goal was seeing my 8-year-old daughter on a regular basis and building a healthy father-daughter relationship. That goal turned into reality and now I see my daughter all the time! At the end of the day, Dan cares about the human factor and in my case being able to be in my daughter's life. Dan is great in court and defending your rights as a father. I would recommend Dan and the Lane & Lane firm to anyone looking to get divorced in the state of NJ they are top-notch.”- Kyle T.
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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.
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“I highly recommend hiring Daniel Lane to represent you with your legal matters. He handled my case with the utmost professionalism and sincerity. I found him to be highly attentive and knowledgeable to reach a positive resolution with my legal issue.”- Former Client
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“Professional and outstanding attorneys. Eric Lane provided exceptional service handling all my personal legal issues.”- Walter R.
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“Eric is by far the best lawyer I’ve ever had. He doesn’t rush, takes his time to go through all files, and always has time to talk. It is my first case using him and he is a bull in the courtroom. As well, the law firm is very respectable and they always return calls. Thank you again, Eric. if it wasn’t for you I wouldn’t have my daughter.”- Marcel B.
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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 took the time to listen to my concerns and helped me to make informed decisions based on my situation.”- ZP
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“It's always difficult when you are dealing with divorce situations. Daniel Lane really helped by understanding my dilemmas and providing honest and realistic feedback. Would definitely recommend their services.”- Karen J.
