Going through a business divorce and marital divorce at the same time
Divorce Lawyer in Huntington discusses
If you are going through a divorce, and you and your spouse have shared a business, one of your biggest concerns would probably be how to split the business. At Simonetti & Associates a divorce lawyer in Huntington, NY, our divorce lawyers can help you get both a business divorce and a marriage divorce at the same time.
Sharing a business with your spouse may have sounded like a good idea years ago, but now that you are going through a divorce, it can turn ugly real quick. If you had a prenuptial agreement in your marriage, we will look over that regarding who is entitled to what and how much. Because New York is an equitable distribution state, this does not mean an equal division of assets. What this means instead is a fair division of assets, and the courts will decide who is entitled to these assets in a fair way. They will consider several factors such as who contributed more to the business, as well as the length of the marriage.
If you feel you contribute more to your business than your spouse, discuss this with your attorney, and we will try to protect your business assets. If you did not have a prenup, a postnuptial agreement may be the right choice for you. A postnuptial agreement is similar to a prenup but is made after the wedding instead of before it.
One tip in protecting your business would be giving yourself a competitive salary. If you instead invest your earnings back into the business, your spouse may then claim that they deserve more money than you because they used their earnings for the household instead of the business. Many couples end up thinking that their best and the only option is to sell their business and split their profits, but this should only be done as a last resort. Our Huntington divorce lawyers want you to have the right amount of money that you are entitled to, and we will consider all other marital assets when it comes to protecting your business.