Somerset County Business Divorce Attorneys
Also Serving Morris County, Union County, Middlesex County & Essex County
Owning a business comes with a set of financial hurdles and considerations. If you go through a divorce, your business’s finances are likely to be taken into account in any settlement. To fight for a fair settlement and to keep your business viable, you need the help of a lawyer with years of experience in both divorce court and business matters. That’s why you want Lane & Lane, LLC; we can help business owners navigate the difficulties of business finances in divorce settlements.
Business Valuation & Income Potential in Divorce
In typical spousal or child support settlements, the earning potential of both spouses is considered, as well as accustomed lifestyle, whether one spouse has seriously invested in the other’s business or education, and more. Business ownership can affect all of these.
Lane & Lane, LLC can help business owners fairly settle the following and more in a divorce:
- Valuation of the company
- Valuation of personal compensation and benefits
- Whether both spouses are involved in the ownership or day-to-day operation of the business
- Support obligations should one spouse leave the business or terminate employment
- Stock sale restrictions
- Tax implications, including tax loss carryforwards, unrealized capital gains, and more
- Business-linked retirement accounts such as 401(k)s
How is a business divided?
A business is a complex asset that may require the use of an expert to determine its value and cash flow. Every case is fact-sensitive and every business is different. We can help.
How is my business going to get valued?
A business is typically valued by reviewing the business’s finances, including assets and debts. Often it is necessary to retain the services of a forensic expert.
I have a cash business where not everything is declared. What will happen?
We strongly suggest that you speak with an attorney as well as an accountant.
How are my retirement accounts going to be divided?
Typically the marital portion, which is defined as the asset accumulation from the date of marriage through the date of Complaint for Divorce, is divided equally. This is not always the case and several factors may impact how a retirement account is divided.
How are bonuses, equity, and other forms of compensation treated?
The answer to this question is fact-sensitive. Both the nature and frequency of bonuses, equity, and other forms of compensation are significant determining factors that affect distribution.
Choose Lane & Lane, LLC
There aren’t many divorce attorneys in Somerset County with more experience helping business owners through family law matters. In addition to our years in court, two of our partner attorneys have master’s degrees in business administration and taxation. We are confident we can help you navigate the financial difficulties of a divorce in light of your business.
Call us at (908) 259-6673 to start navigating the financial considerations of your divorce.
“I am thankful I chose Lane and Lane.”- Tom H.
“A positive experience from reception-to-attorney.”- Orlando H.
“I refer them without hesitation for 5-star representation.”- Ed R.
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.