Divorces for people who own businesses are different from those of wage earners.
First of all, businesses often have cash income which is not declared
on tax returns. This makes it difficult to estimate or trace the cash.
Businesses are assets, frequently subject to equitable (property) division
as marital property. In order to come to an agreement, especially with
a privately held small business, the value of the company has to be determined.
There is often a big difference in the values claimed by the spouses.
Forensic accountants frequently have to be consulted to determine the
value of the entity. Cash businesses such as restaurants (and even medical
and legal practices) are particularly hard to evaluate. This makes it
necessary to examine lifestyle factors, such as expenses and checking
accounts to determine accurate and fair figures for value.
Shares in a business are often not transferable. As a result, a spouses'
share of the value has to be distributed from other marital assets. In
addition, some businesses were started before the marriage, creating both
separate and marital property.
My client had been married to her husband for 8 years. They had tried
to have children early on in the marriage, but had no luck. Six months
ago my client discussed once again with her husband that her biological
clock was ticking, and she really wanted to try again to have a child.
After surviving the pandemic she wanted to move their lives forward and
have a family.
He responded he no longer wanted to have children. He had made this very
important decision, but never told her. She felt betrayed, and was devastated.
She was hurt, angry, and decided to divorce.
She felt her husband had wrecked her life and killed her chances to have
a child. Her husband, a very successful negligence attorney, had built
a very lucrative practice during their marriage, which my client had contributed
to greatly. The success and growth of his practice was largely due to
her marketing and social media expertise.
When she hired me to negotiate her divorce I told her she was clearly
entitled to compensation for her contributions to his law practice. I
brought in my team of experts to investigate and evaluate. When negotiating,
her husband fought hard to give my client nothing from his business. But
I fought equally as hard during my negotiations with his lawyer to get
my client what she rightfully deserved! We prevailed and she got her fair
portion of his income.
If you have questions about your family business and what you’ll
be entitled to in a divorce, call me. With over 35 years of experience
and excellent divorce and negotiation skills, I will get you what you deserve!
FREE 1 HOUR CONSULTATIONS are
conveniently conducted virtually to reduce risk.
Call me, New York Divorce Lawyer, Lois Brenner now to book your free consultation.
I look forward to working with you, and fighting for the settlement you deserve!
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