During the divorce process, property distribution is almost always a complex issue, however, it can be even more so when one or both spouses own a business, and if you fall under this category, our skilled Nassau County business valuation lawyer is here to help. Continue reading and contact Barrows Levy PLLC today to learn more about business owner divorce and how our firm can assist you through every step of the legal process ahead.
Do I Need a Nassau County Business Valuation Lawyer?
Businesses are oftentimes incredibly valuable assets, and when one or both spouses owns a business, it may even be their most valuable asset, which is why you cannot afford to proceed without a seasoned Nassau County divorce lawyer who has significant experience handling business owner divorces. You have just found that lawyer here at Barrows Levy PLLC.
Is My Business Subject to Equitable Distribution?
In many cases, those who solely own businesses will simply assume that they will not be subjected to equitable distribution. However, in many cases, businesses will, in fact, be considered marital property, and will, therefore, be subject to equitable distribution. For example, even if you were the only one who ran and operated your business, if your spouse stayed at home, took care of daily chores, and raised your children, there is a very good chance that the courts will determine that your spouse actively contributed to your marriage, albeit non-monetarily, and that he or she, therefore, is entitled to a portion of your business.
Determining the Value of a Business
When a court determines that a business is marital property, the next step is assigning value to the business. If you are the business owner, you will have to provide various financial documents concerning your business, including your business’s regular income, whether your business has any debts or liabilities, and the overall value of your business, among other things. It is critical that you are truthful when submitting this information, for if any discrepancies arise, there is a very good chance that the IRS will become involved, leading to further complications. Our firm can work to ensure you provide all of the necessary documentation to avoid any potential conflicts with the IRS or other entities.
Protecting Your Business from a Divorce
Fortunately for business owners, there are several ways in which they may protect their businesses from the pitfalls of a divorce. For example, if you own a business and are not yet married, you may draft a prenuptial agreement, stating that the business is to be considered separate property in the event of a future divorce. If you are already married, you may still draft a postnuptial agreement that essentially serves the same purpose. Finally, if you and your spouse jointly own a business, you may draft what is known as a shareholder agreement, which can outline each spouses’ interest in the business, should you ever get divorced.
Contact Our Nassau County Business Valuation Lawyer
Whether you own a business or your spouse does, you can bet that it will play a significant role in your divorce, which is why you need a knowledgeable attorney on your side. Contact Barrows Levy PLLC today to schedule your initial consultation with our firm.