DIVORCE LAWYER NEGOTIATES DIVISION OF BUSINESS ASSETS
Resolving business-division disputes in Westchester County
Determining how to divide a business in a divorce can be a complicated task. Through negotiation, mediation and litigation, Lauren B. Abramson, Esq. has helped clients resolve disputes over the division of business properties since 1987.
The first question is if the business is marital property. If you and your spouse started and operated the company together, it likely is marital property subject to New York’s equitable distribution laws.
If, however, you owned the business before the marriage, only the appreciation in the value of the business during the marriage is susceptible to being treated as marital property. If your spouse made no contribution — financially or otherwise — to the business, you may be in a position to argue that he or she is not entitled to even a share of the appreciation. The attorney and staff at the law offices of Lauren B. Abramson can help you sort out these issues.
HOW DO I FIGURE OUT HOW MUCH THE BUSINESS IS WORTH?
When dividing the assets in a high-net-worth divorce, it is critical to obtain a reliable analysis of the value of your business at the time of the marriage and at the time of the divorce. At the law offices of Lauren B. Abramson, we work with experienced business valuation experts to assemble unassailable evidence of the value of your business.
If both spouses are equal owners of the business, there may be no need to divide the company — if you are willing and able to continue operating the business together despite the breakdown of your marriage. There are many factors to consider when faced with this situation, including:
If there are third-party owners
How much of the business each party owns
The extent to which the spouses are involved in the day-to-day operation of the business
If the parties have sufficient liquid assets to allow one to buy out the other
If either spouse is integral to the continuation of the business
HOW IS A BUSINESS ASSET DIVIDED IN A DIVORCE?
If the business is in fact considered marital property, the division of the business is subject to the same laws as any other marital property. The business may be sold and the net proceeds distributed equitably; one spouse may "buy-out" the other spouse's interest in the business or one spouse may transfer his/her interest in the business to the other in exchange for other marital assets. No matter how the business asset is to be divided, it is important to know the value of the business.
Lauren B. Abramson understands a family’s long-term hopes for a business, including the possibility of passing the business on to the next generation. We work hard to help you achieve your goals.
CONTACT OUR WESTCHESTER COUNTY MATRIMONIAL LAW FIRM TODAY
Lauren B. Abramson, Esq. understands that you have an emotional investment as well as a financial investment in your business. If you are a business owner whose marriage is dissolving, contact us today to begin protecting your business assets. Our office, which is across from Saxon Woods Park, is open from 9 a.m. to 5 p.m. Monday through Friday. Call us at 914-908-5877 or contact us online today to schedule a consultation. We serve clients throughout Westchester and Putnam counties, including White Plains, Harrison, New Rochelle, Bedford, Armonk, Bronxville, Larchmont, Mamaroneck, Somers, Croton-on-Hudson, Carmel, Peekskill and Rye.
Lauren B. Abramson, Esq.
550 MAMARONECK AVENUE, HARRISON, NY 10528 | 914-908-5877