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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.
    Very good value for a great price.
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    - Jean L.
    Dan Lane won my FRO case and I finally feel at peace.
    “Lane and Lane is a wonderful family-owned law firm. From the moment I stepped into the office, I felt at ease. Dan Lane is knowledgeable, personable and knows how to get the job done. Dan Lane won my FRO case and I finally feel at peace. Thank you, Lane & Lane, for your outstanding service.”
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    “Dan Lane is very professional and cares about his clients. Dan and his team work diligently to get things done.”
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    “Because Daniel Lane’s specialty is matrimonial law, I found him to be experienced and tough, but also kind and willing to negotiate to settle the dispute.”
    - Former Client
    Put me at peace in a very difficult time.
    “I have been in a custody battle since my daughter was 3 years old. Multiple attorneys and honestly no one has been more competent as Steven Lane. He is always in contact and has been so knowledgeable. He honestly put me at peace in a very difficult time. He is very versed in his profession and honestly I wish I had met him years prior, I actually started to get proper justice when I hired him. He is understanding and caring as well as his staff has phenomenal character. I couldn't recommend this attorney enough.”
    - Lysette
    I've learned so much from him while working together on my divorce case.
    “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.”
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    He was able to explain everything in detail and always put us at ease.
    “Excellent Experience. Daniel Lane was very helpful and readily available. He was able to explain everything in detail and always put us at ease. He made us feel like family and handled our case as if it was his own personal family matter. Awesome lawyer. Highly recommended.”
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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
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  • Morris Plains Office
    101 Gibraltar Drive, Suite 2F
    Morris Plains, NJ 07950
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