When Dividing Assets Puts Your Business At Risk
The division of your assets can be one of the most contentious aspects of your divorce, and this becomes even more difficult when you are a business owner. Whether you entered the marriage with the business or you and your spouse built that business together, its future could be at stake when dividing your property. Skilled legal representation could be the greatest asset in ensuring that your business remains viable after your divorce.
At Higgins, Roberts & Suprunowicz, P.C., we understand that you have put your passion and hard work into your business. Our decades of experience serving family law clients in Schenectady and the surrounding communities give us the skill necessary to protect both the future of your business and your personal financial security.
How Will Your Business’s Future Be Determined?
A variety of different factors will need to be weighed when determining the fate of your business during a divorce. A few of the questions that you and your attorney will need to ask include:
- Did one of you own the business before the marriage or did you found the business together?
- Is it possible to sell the business?
- What is the value of your professional license?
- What is the business worth, and what is it likely to be worth in the future?
- Would the business still be viable if you or your spouse were not involved?
- What other assets will be divided between the two of you?
Beyond the current or projected value of the business and the rest of your assets, there are other important considerations that should be made. If you are going to part ways with the business, it is important to consider that its value might increase in the coming years whereas the value of other assets will likely decrease. If you are going to hold the business on your own after the divorce, be sure to consider the potential financial burden if the business fails in the future.
Our attorneys are prepared to help you divide your assets fairly, including determining the future of your business. Our deep knowledge of New York’s family law statutes gives us the insight necessary to protect your interests during negotiation or defend those interests in arbitration, mediation or litigation.