When entering into a divorce, one of the most difficult aspects is that of splitting up the property and assets accumulated between both parties. Dividing separate and community property can be difficult and can often be a highly emotionally charged process. What then happens should one or both parties be involved in a business? What should occur if they are actually business partners?
Regardless of the exact circumstances, it is important that the businesses and partnerships are evaluated so that both parties will be able to part ways with just amounts – no matter whether the business is being dissolved entirely or not. For this reason, having an experienced New York divorce lawyer can be an invaluable asset as these types of situations require not only legal experience, but also accounting and tax law knowledge to ensure that the accurate distribution occurs.
In many New York divorces, one or both spouses will hold ownership of a business or will be a primary shareholder, director, managing member of partner. It, however, is important to realize that not every businesses is the same. For example, there are several different ways in which a business can be started which will ultimately impact the way that it is split.
Similarly, the different type of business itself will determine the type of assets that will be available to be divided – no matter whether this refers to a tangible or an intangible asset. For example, office furniture and solid pieces of property will have a concrete value. On the other hand, something such as a stellar reputation throughout the community, while it might not have a set value, could be infinitely more valuable in the long run for something such as a medical office.
Other factors, such as any debt that was accumulated and is currently owed, will need to be taken into consideration to ensure that the resulting outcome is both fair and equitable. This will also determine who receives the payments first. For instance, a creditor will typically be the first to receive the funds. Following this, investors will be next in line. After them, partners will then be able to receive anything that is left over.
When first looking into the process of business division, there are several things that will need to be considered. First, like most issues pertaining to asset division, it will need to be determined whether the business is to be considered a separate or a community property. Following this, documents and issues such as profit and loss statements, balance sheets and business finance reviews will need to be looked over so that it can best be determined who the wealth should be ascertained to.
If you are facing a divorce and are looking into dividing business assets, you need to be confident that you have an experienced advocate on your side that you can fully trust. At the Law Offices of Brian Perskin, we recognize what is on the line and will fight to help you obtain the just outcome that you deserve. With comprehensive, detail-oriented service, you can be confident knowing that a New York divorce lawyer from our firm will do everything possible to help you through this troubling time. We know the intricate steps that need to be taken into consideration – you can trust that we will be thorough, fair and accessible as we help to protect your best interests. To learn more about how we can help, contact the Law Offices of Brian Perskin as soon as possible