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Entrepreneurs play a crucial role in growing and sustaining Suffolk County’s economy. The long hours they put in and their financial success can lead to unique challenges if they go through a divorce. If you run a startup or small business and need legal support, you can rely on a Suffolk County divorce lawyer for entrepreneurs to represent you through your divorce. The work of your lawyer can ensure your rights and interests are protected throughout the claim.
The family law team at The Levoritz Law Firm understands the challenges business owners face during a divorce. Starting a business from the bottom up requires considerable time and effort. Our legal team can handle the complexities of the divorce process, so there is minimal disruption to your company’s daily operations. When we manage a case, we do so with a hands-on approach that focuses on our client’s priorities and goals.
We have proudly served Suffolk County and surrounding communities since 2005. Since our founding, we have managed complex, high-value divorces that involve family-owned businesses and complex assets. Once we take the time to learn about your background and priorities, we can tailor a strategy that works to achieve your aims in court. Expect clear and consistent communications and unwavering advocacy when you secure representation from our law firm.
When spouses own a company or own a significant stake in a business, part of all of that business’s assets may be subject to division in a divorce. New York follows an equitable distribution rule for property division. This means that any assets or property deemed to be marital property are part of the marital estate.
If the business was formed or grew during the marriage, that company could be considered marital property. Spouses can decide through negotiations how to handle dividing marital property, and the courts would only become involved if disputes prevent the parties to a divorce from coming to an agreement on how to handle dividing a family-owned business.
Whether you live in Huntington, Smithtown, or Patchogue, entrepreneurs often face numerous challenges during a divorce. Balancing a very demanding job with court appearances and the time it takes to account for marital property and other requirements by the courts can add stress to an already difficult situation. An entrepreneur may face accusations by their spouse that they should only have minimal visitation rights with children.
A business founder may also face the prospect of losing the business they built, especially if property division disputes lead to greater court involvement. These and other unique challenges can be addressed with the help of a skilled attorney who understands the unique obstacles business founders can face in court, with the nearest supreme court being located at the John P. Cohalan Jr. Court Complex at 400 Carleton Avenue in Central Islip.
If you founded a company and are going through a divorce, you can remove much of the uncertainty that you are facing by hiring a divorce lawyer. With support from a Suffolk County divorce attorney for entrepreneurs, you can benefit from their years of experience and knowledge of New York’s divorce laws.
The outcome of any divorce case largely depends on the skills of the attorneys involved in representing clients. Your lawyer can focus on protecting your business from being dissolved in court by strategically negotiating favorable terms for property division. Decisive litigation can also play a key role in safeguarding your business interests.
A: In New York, separate property generally is not subject to division during a divorce. This includes things like gifts, inheritance, and anything that was brought into a marriage. Anything that was acquired during the marital union would likely be considered marital property, which can be divided during a divorce. Separate property is transferable, meaning that anything you purchase with inheritance money, for example, would also be separate.
A: An LLC can protect business owners from outside creditors, but those protections may not apply to the owner’s spouse. During a divorce, a spouse may be owed an equitable share of that company’s assets. If the courts decide the matter, a judge may consider when the company was founded, which assets were used to build the company, and the respective roles each spouse played in supporting that company’s growth.
A: The decision to move out during a divorce is up to either party. In some cases, doing so prematurely can create unnecessary burdens. When a home is marital property, both spouses have a lawful right to remain in the home. The courts may intervene when asked to do so. If you are facing serious decisions during a divorce, consult your attorney before taking major steps.
A: Owning a business could affect the property division portion of your divorce. You can work with your lawyer to determine whether the company is marital or separate property. In some cases, it could be a portion of both. Any marital property would be subject to division under the state’s equitable distribution laws, which seek a fair but not necessarily 50/50 split of the marital estate.
After putting in years or longer to build a company from the bottom up, you do not have to go through your divorce facing uncertainty over your company’s future. With representation from The Levoritz Law Firm, you can protect what matters most and emerge from your court case with the resources you need to move forward with confidence.
Since 2005, we have stood by business owners as they navigated complex divorce cases. When we accept a case, we put considerable time and resources into managing those cases with a focus on protecting our clients’ rights and interests at every turn. Take the first step toward protecting what you have built by contacting our office today to schedule your initial consultation.
This page has been written, edited, and reviewed by a team of legal writers following our comprehensive editorial guidelines. This page was approved by Founding Partner, Yonatan Levoritz who has more than 20 years of legal experience as a divorce & family attorney.
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