Business Partnerships & Corporate Entities in Divorce
Do You Own a Business with Your Spouse?
The strain of a divorce is usually an emotional time and a financially
uncertain one. Partners who are ending a marriage and who own a business
together, however, can face even more challenges. These situations are
common, with over a million U.S. businesses being owned and operated by
married spouses, but they raise unique circumstances and difficult questions
in the face of divorce. How many of these businesses manage to survive?
Business assets in a divorce settlement are often the subject of conflict.
For this reason, you will want to retain the services of Lois M. Brenner,
Esq., a highly skilled
New York divorce attorney. Over the last 35 years, our lead attorney has helped many divorcing business
partners successfully manage their complex and sophisticated joint business
interests, making her uniquely qualified to handle the financial challenges
involved in your case.
How Business Relationships Are Addressed During Divorce
It is common legal advice for married business partners going through a
divorce that one partner buy out the other. Because there is an objective
measure of value inherent to a business, separating partners can arrive
at objective figures and then divide. However, when business assets are
distributed, payments are not always lump-sum, and may involve slower
payments over time or without interest.
It is to the advantage of both spouses to cooperate, since the business
may support both spouses in post-divorce life. In some cases, separating
partners may not have the same goals or interests with respect to the
business, which makes selling a business and splitting funds an equitable
option. Although it is an option, it is a risky choice for partners who
will soon be in divorce court.
Sometimes, one partner may keep the business and the other keeps different
assets. Separating spouses have a lot to consider, and even more so when
those spouses own a business together. As with many other issues that
arise in divorce and family law proceedings, the best option depends on
whether spouses can amicably arrive at agreements and the unique facts
and circumstances involved. When there are difficulties, working with
an experienced attorney should be a priority. We can help you analyze
To learn more about how we can help, call Lois M. Brenner, Esq. today at