A family law lawyer who is familiar with this unique type of divorce case can review your situation and discuss possible outcomes. First, if you inherited your business, you may not need to share it with your spouse. If you started the business before you got married, your spouse is not entitled to half of its total value. Instead, he or she can only claim how much he has grown since the marriage. However, if you started the business after the marriage, your spouse may be entitled to half of his or her share of the assets. Depending on your situation, it may not be possible to protect all of your company`s assets in the event of a divorce. An experienced lawyer at Smedley Law Group can help you mitigate the situation and save you from having to split everything. A divorce lawyer in San Diego can help you determine what you need to do to make sure your business assets are protected in your divorce agreement. That`s why it`s so important to consult a California family law firm as soon as you realize you`re getting divorced. If there are any changes that need to be made to your business right now, advice can be given to make it easier. However, building your business in a divorce-proof way from the beginning is the best way to ensure that you are financially and professionally protected, no matter what happens in your personal life.
The process of splitting a company into divorce depends on the particular circumstances of your case. Under New York`s divorce laws, whether you qualify for half of your spouse`s business usually depends on whether a court considers the business to be matrimonial property or separate assets. The final control of your business should be your main concern. While it`s fair for your ex-spouse to be financially compensated for their contributions to the success of your business if the business can`t exist without your expertise, you`ll be the one to retain final control of the business. If you run a doctor, therapist, or sole proprietorship based solely on your training and expertise, you are the reason the business exists in the first place. Your ex-spouse won`t be able to take over a doctor`s office (unless they also have the same education), so it`s reasonable for you to keep control of your business. If you have a business of any kind, you need to make sure you protect it in the best possible way, just in case your marriage fails at a later date. The fault does not matter, nor does the duration of your marriage or other circumstances surrounding your divorce. What matters is taking the time to make your business divorce-proof as soon as it`s founded, so you won`t have as many worries to deal with when divorce becomes inevitable. Your lawyer may suggest that you trade other assets so that you can keep the business.
This is common in divorces with high assets. The spouse who didn`t start the business may not want the hassle of ownership or buyout, and the person who started the business doesn`t want to lose There are a number of ways to deal with property division issues in a divorce, but no matter what, a strong divorce lawyer is key. At Kirk Drennan Law, we fight for the best interests of our clients at the bargaining table and in the courtroom. Arrange your consultation now by calling us at 205-803-3500 or by contacting us online. In New York, when the spouses decide to file for divorce, the court divides the matrimonial property and debts between the parties according to the principles of equity. The courts call this process a «fair distribution.» In general, matrimonial property includes all assets acquired during marriage, income, active appreciation of a business asset, real estate improvements, and direct and indirect contributions to the other spouse`s education or business. For example, imagine that your husband`s business was worth $10 million at the time of the wedding. During the marriage, you took care of the household chores and child-rearing tasks. This way, your husband can focus on starting the business.
When filing for divorce, the value of the business is $15 million. Since your efforts have contributed to the growth of the business, the value of the company`s appreciation ($5 million) would be subject to a fair distribution. Note that equitable distribution does not necessarily mean 50/50. In New York, courts that share a company`s assessment will consider a variety of factors. These factors include, but are not limited to, whether the untitled spouse: Matrimonial property includes all income and assets acquired by one of the spouses during the marriage, including, but not limited to: pension plans; 401(k)s, IRA and other pension plans; deferred compensation; stock options; restricted shares and other equity; premiums; commissions; Country Club memberships; pensions; life insurance (especially those with a present value); Brokerage accounts – mutual funds, stocks, bonds, etc.; Bank accounts – cheques, savings deposits, CDs, etc.; companies with close participation; professional practices and licensing; real estate; limited partnerships; cars, boats, etc.; art, antiques; Tax refunds.