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Large and small businesses are the economic backbone of New York City’s economy. During a divorce, a family-owned company or partial ownership of a business can complicate the property division process. By seeking legal representation from a divorce lawyer for business owners in New York City, you can come to court prepared with a plan that protects your business interests.
If you are going through a divorce and own or co-own a business, you need representation from a firm that understands the complexities of your situation. When you work with The Levoritz Law Firm, you partner with attorneys who focus on high-value divorces. We can calculate the value of your company and explore options for achieving your business-related goals.
What sets our law firm apart is our hands-on approach to managing complex divorces involving large estates and family-owned companies. We know that no two cases are ever the same, which is why we always take a fresh perspective to problem-solving. Our track record of favorable outcomes for clients has earned us numerous awards from prominent groups like Super Lawyers and high ratings from Avvo.
To understand how the courts view a business during a divorce, it is important to understand New York’s equitable distribution law for property division. The courts view anything that was acquired or grew during a marriage to be marital property. Even if one spouse owned a business before marriage, any equity or value that grew during the marriage would be owned by both spouses.
Another factor that could determine the fate of a company during a divorce is how it was initially funded and how much labor each party put into running the business. A business that was paid for with separate property could largely remain the property of that original buyer, for example. Even if a business was initially owned by one spouse, the time and resources the other partner put into running the company could be a factor used to determine how that business is divided.
Many business owners going through a divorce understandably have concerns and questions about their options. Statewide, there is a divorce rate of 2.4 per 1,000 residents, including many business owners.
There are 290,000 private businesses in New York City that employ nearly four million workers. Whether you are a business owner, co-owner, or own a significant portion of a business, there are multiple options for protecting your business interests during a divorce.
If the business is part of the marital estate, one party could buy out the other party’s stake in the company. Or, the spouse wishing to retain ownership of a business could make concessions in other areas of property division negotiations. These are just a few of the options that could allow a company to continue operating while satisfying the requirements of a court.
Whether your divorce is being heard at New York County Supreme Court at 60 Centre Street in Manhattan or King County Supreme Court at 360 Adams Street in Brooklyn, your top priority should be to hire a divorce lawyer. When you work with a divorce attorney for business owners in New York City, you gain the support of an advocate who understands how to manage your divorce case with your business interests in mind.
New York’s divorce laws as they relate to businesses are complex. An attorney can assess your case and explain your options. Whether you are seeking to retain ownership of a company or have concerns about your spouse not paying you the full value of your share, legal representation can play a key role in shaping the outcome of your divorce on favorable terms.
A: It is important to remember that many business owners go through a divorce and come out with minimal disruption to the company’s operations. The key to managing that situation is to have representation from a lawyer who understands how to protect your business rights and interests. An attorney can assess how much of your company belongs to the estate before exploring options to retain ownership over your company.
A: The cost of a divorce lawyer in NYC varies considerably. More experienced attorneys who have a positive reputation often charge higher hourly rates than less experienced lawyers. Attorneys who bill by the hour may require a lump sum payment known as a retainer as a condition of representation in court. The long-term savings of legal representation can be well worth the initial investment.
A: There are multiple things that can happen to your LLC if you get divorced. The courts rarely seek to dissolve and liquidate a company. You can work with your attorney to negotiate terms for your divorce that protect your LLC. If litigation becomes necessary to protect your business interests, your lawyer can gather evidence to safeguard your ownership or part-ownership stake in a company.
A: Generally, no. In most cases, once a divorce is finalized, that settles any property disputes. In rare cases, evidence of fraud can be used to reopen a family court case, including one involving a divorce. Failing to pay child support or alimony payments can also lead to enforcement actions by the court. If you believe your business is in danger, your lawyer can take proactive steps to protect your business interests.
Business owners going through a divorce often have concerns about maintaining the continuity of business operations throughout the process. Whether you own or are significantly invested in a company, you need representation that delivers results. The Levoritz Law Firm represents entrepreneurs and small business owners in complex family court disputes.
When we manage a claim, we take a hands-on approach to fighting for the rights and interests of the people we represent. Once we understand your business goals, we can formulate the right strategy to achieve those aims in court. Contact our law firm today to schedule your consultation and take the first step toward protecting your business.
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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