Business
When spouses decide to divorce, and a family or independent business is involved, the value of the business must be taken into consideration. Whether the plan is for business will be sold and distributed to both spouses, or that one spouse will assume sole ownership of the business, a certain percentage of the business may be considered marital property.
If the business is classified as marital property, its value is subject to the laws of equitable distribution. This means that the business must be carefully evaluated and that the future proceeds of the business, the non cash benefits, and taxes must be taken into close consideration. The analysis of the business will require complex litigation. For this reason, it is advisable that spouses obtain separate attorneys so that their individual best interests remain protected.
Family Law & Business Attorneys
Samuelson, Hause & Samuelson
If you are planning to seek a divorce, and you own a business, you should consult with a trust worthy family law attorney. A family law attorney can evaluate your situation and provide valuable legal and financial insight. Most importantly, a lawyer can guide you throughout the legal process and make sure that both your and your family’s rights and financial security remain protected.
At Samuelson, Hause & Samuelson, our attorneys have over 65 years of collective family law experience. Our attorneys are knowledgeable in matters of family law, including business evaluations. Our law firm can uncover hidden assets and appraise the “real” value of a business or profession. The legal team at Samuelson, Hause & Samuelson is comprised of experienced financial experts, accountants, financial planners, and tax attorneys who are dedicated to obtaining excellent results for each of our clients.
Contact our Long Island Family Law Attorneys today!
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