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Owning a business isn’t just a job and paycheck; it’s likely your entire life. During a divorce, business owners may feel worried about what will happen to their business. Working with a Brooklyn divorce lawyer for business owners can help you understand your legal rights and options under New York law.
For over 21 years, Yonatan Levoritz of the Levoritz Law Firm has assisted business professionals and their families during all types of family law cases. Our team knows that family law can have extreme impacts on families, and we work diligently to resolve legal problems with creative solutions that are unique to your situation.
Throughout all stages of your case, you’ll be given direct access to your attorney to answer any and all concerns that pop up regarding your case. We refuse to let our clients go through the divorce process alone and are passionate about helping our fellow New Yorkers feel supported, both legally and emotionally.
Known for its diversity and family-friendly environment, Brooklyn is home to millions of residents. In 2024, there were 73,831 businesses owned in Brooklyn. The top business sectors in Brooklyn included:
When starting the process of divorce, it’s critical to hire a divorce lawyer for business owners and file as quickly as possible. Filing can be done at the Kings Supreme Court, located at 360 Adams Street. The sooner you file your case, the sooner you and your attorney can work on a legal strategy to protect your business, your assets, and your financial future.
Courts recognize two types of property in a divorce:
Working with an experienced divorce lawyer and financial professionals to trace the origins of your assets is key during the property division stage of divorce. Leaving the future of your business in the hands of the court can be overwhelming, and taking steps to protect your assets is essential.
However, if a couple can agree on an alternative option for dividing their property, they may request to do so with the court. The court will generally grant these requests if the plan to divide property is deemed fair. This makes it vital to work cooperatively with your spouse and their legal team to protect your assets.
During the process of property division, you’ll likely need to have your business evaluated by a professional. Everyone involved in the divorce case should understand the full monetary value of your business. After valuation, you and your attorney can work together to negotiate with your spouse’s legal team to determine the right course of action.
Many business owners either choose to buy out their spouse’s share of the business or give the spouse other marital property to balance the monetary value of the business. In extreme situations, divorcing business owners may choose to sell their business and split the proceeds with their spouse.
The path you choose needs to be carefully examined by an attorney experienced in divorce law for business owners, so you don’t leave your divorce with regret.
A prenuptial agreement can protect your business during divorce in Brooklyn, and it is typically the right way to do so. These agreements are drafted and finalized before a couple gets married, and they outline how assets and other financial matters should be handled during marriage and in the event of a divorce. A postnuptial agreement is similar, but it is drafted and finalized after a couple gets married. Courts typically scrutinize postnups more closely than prenups.
During a divorce in Brooklyn, spouses have to disclose their full financial situation to the other spouse. This helps all parties involved to understand the extent of marital property that is subject to division. Your spouse should be given documents related to the financial aspects of your business, but they aren’t entitled to access the entirety of your business’s records. Working with a skilled attorney can help your business matters stay private.
If your spouse worked for your business unpaid in Brooklyn, it means they contributed to your business and now have a higher claim in it during divorce. It doesn’t matter if they were paid or unpaid for their work. Courts factor in the sacrifices a spouse made for the other during the marriage when navigating how to divide property. This could mean that your spouse may be given a substantial value of your business during property division.
In New York City, your LLC may be subject to division during divorce. If you started the LLC while married, or it grew in value during your marriage, your spouse may be entitled to a portion of it. Forming an LLC doesn’t automatically protect your business. Like any other business, it may be worthwhile to buy out your spouse’s share during the divorce or offset the value with other marital property.
The team at Levoritz Law Firm is dedicated to finding sophisticated solutions for our clients’ sophisticated problems. Our goal is to help business owners finalize their divorce with the least amount of financial consequences. We work tirelessly to help our clients get what they deserve during their divorce case. Contact our office today to schedule a confidential consultation with one of our skilled divorce lawyers for business owners.
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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