Dividing The Value Of Businesses During Divorce
At the New York City law firm of Burger Green & Min LLP, we have more than 40 years of experience protecting our clients’ interests during divorce. We are available to efficiently address the following types of property division issues, among others:
- Placing an accurate value on small businesses and professional practices
- Dividing the value of businesses between spouses as appropriate
- Protecting bonuses and other types of compensation
- Avoiding negative tax consequences
Determining Whether The Spouse Deserves A Share Of The Business’s Value
Just because one party owned the business prior to the marriage, it doesn’t automatically mean that he or she is entitled to the full value of the business after divorce. If his or her spouse contributed to the company in a significant way during the marriage, that spouse may potentially be entitled to financial compensation.
If the business was started after the marriage, the spouse is likely entitled to part of the value. However, many factors play into this determination. It is necessary to look at the timing, the amount of participation by the spouse, the business’s liabilities and debts, and other issues. At Burger Green & Min LLP, we have the necessary skill to analyze all these factors and provide trustworthy counsel.
We Have Experience With Diverse Business Documents
Our lawyers are adept at unearthing assets during the discovery process. While many firms can deal with W-2s and other standard financial forms, we have experience with a diverse array of other business and tax documents. For instance, we are able to delve deep into the paperwork to determine if one party has been using a business credit card to make personal purchases, whether the business owns overseas assets and more.