Protecting Your Most Important Financial Asset
If you have a business, it is probably the most valuable financial asset you own. However, there are several things you may be doing that would put that asset at risk in the event of a future divorce.
If you are concerned about the effect of divorce on your business, attorney Andrew A. Bokser can explain the law and how it is likely to apply in your case. With offices in Brooklyn and Garden City, he represents self-employed people, including professionals such as doctors and lawyers who own their own businesses throughout the New York City area, including Nassau and Suffolk counties.
Isn't My Business Separate Property?
Assets you owned before your marriage are considered separate property in New York and do not have to be divided with your spouse in most cases. However, there are exceptions to this rule.
If your spouse contributed to the running of the business during your marriage, then he or she may be entitled to a percentage. The more involved in your business your spouse was, the bigger that percentage would be. If you have partners in your business, then your spouse would own a percentage of your share.
Determining what a percentage of your business is worth can be a contentious and expensive process. Your spouse's lawyer will likely hire a business valuation expert. That expert's valuation may be different from your own.
What Can I Do to Protect My Business?
Before your marriage, you can protect your business interests through a prenuptial agreement. After your marriage, it's important to keep marital assets and your separate property business separate. It's always important to keep thorough records, and you may want to think twice before asking your spouse to work for your business.
If you think your marriage may fail, then you should speak to an experienced lawyer. If you are contemplating divorce, you may wish to put off any business expansion plans until after your divorce.
Discuss Business Asset Protection With Family Lawyer Andrew A. Bokser
To discuss the facts of your separate and marital property case with attorney Andrew A. Bokser at our Brooklyn or Garden City law office, call 718-834-1904 or fill out our contact form. Evening appointments are available.
