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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.
    Good, family-owned law firm.
    “Good, family-owned law firm. My wife and I didn't know much about wills, but knew we needed a plan to handle our assets and, most importantly, ensure our children were cared for if anything ever happened to us. As parents themselves, they understood our concerns and guided us through the documents and subsequent decisions we needed to make. In the end, we are relieved to have these official documents and are confident they will serve their purpose should they ever be needed.”
    - Brad C.
    I highly recommend Dan.
    “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.
    Dan always responds promptly and I highly recommend him and his staff.
    “Dan and his staff did a great job handling my divorce. Due to COVID, my previous attorney bailed on me and Dan was able to take over my case and bring it to closure. He was very professional and supportive throughout the entire process. Dan always responds promptly and I highly recommend him and his staff.”
    - Former Client
    Knowledgeable & caring!
    “Can't say enough good things about Dan and his firm.”
    - Jon
    Thank you Eric for always answering my questions and getting me through my divorce.
    “Thank you Eric for always answering my questions and getting me through my divorce.”
    - Jessica S.
    I am thankful I chose Lane and Lane.
    “Dan was very understanding and helpful through the divorce process. He respected my suggestions and always gave very good advice throughout the whole process. He worked well with opposing counsel and just helped the whole process move smoothly. This was not a process I wanted, yet I was able to count on him for sound and very professional advice. There was never any pressure for me to do anything I did not want to do. I am thankful I chose Lane and Lane.”
    - Tom H.
    If you are looking for the best, look no further!
    “I hired Steve to represent me in my divorce. He is am amazing, knowledgeable lawyer and a good man. He's honest, upfront, caring, calming and never made me feel like just a client.”
    - Melissa
    Very professional.
    “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.
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.
Lane & Lane, LLC Lane & Lane, LLC
Somerville Office 908-259-6673
Locations
  • Somerville Office
    84 East Main Street
    2nd Floor
    Somerville, NJ 08876
    Map & Directions
  • Morris Plains Office
    101 Gibraltar Drive, Suite 2F
    Morris Plains, NJ 07950
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