Divorce for Business Owners or Their Spouses
Often the most valuable financial asset to be considered during divorce is a business. Whether you built it from the ground up by yourself, shared a role in its development, or simply supported your spouse as they worked those long hours, its value needs to be assessed and you will want to protect the portion that is yours.
Special knowledge from your attorney and a team of professionals is necessary if either you or your spouse own a business. Not every divorce lawyer is well-qualified to handle the complications involved in business valuation, business distribution, and tax considerations.
An attorney experienced in working with business owners and their spouses will thoroughly evaluate both short- and long-term consequences of the distribution. For example, the future stakes of any children must be taken into careful consideration.
All divorce agreements, regardless of whether the divorce is uncontested or contested, must lay out in detail the division of all marital assets. New York State is an equitable distribution state for divorce. This means a court will divide assets fairly, but not necessarily equally.
In order to make decisions about equity, all assets are first designated as either marital property, separate property, or mixed property. Marital property refers to assets acquired during the marriage, while separate property is something brought into the marriage by one spouse or received during the marriage but exempt from being classified as marital property (such as an inheritance or compensation for personal injury). Mixed property includes all assets that have a marital property component, but to which one spouse can claim that a portion of the asset is separate property.
The courts will evaluate your business to make a determination about the classification of the property (marital, separate, or mixed). How the business is divided will rely heavily on this conclusion.
The stakes you are awarded in a business owned by yourself or your spouse can significantly affect your future quality of life. Bates Family Law has a wealth of experience working for both business owners and their spouses. We are fully committed to ensuring the most advantageous outcome for divorce clients.
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Conveniently located between Rochester and Canandaigua, servicing all of Monroe and Ontario counties including Pittsford, Brighton, Penfield, Fairport, Farmington, and Victor.
79 WEST MAIN STREET
Victor, NY 14564
When it comes to your divorce or family law case, experience matters. We have represented thousands of clients in matters of divorce, child custody, and child support.
Many people do not realize that New York is a no-fault divorce state. It is no longer necessary or even common to get a legal separation before getting divorced in New York. An uncontested divorce is the fastest and most budget-friendly path to marital dissolution. Often, an uncontested divorce can be settled with only one party retaining a lawyer.
When an uncontested divorce is not possible, you will want a family court lawyer with extensive trial experience. When you are considering hiring a family court lawyer, it is important to ask about the number of divorce trials they have handled.
Divorce for Business Owners or Their Spouses
If you or your spouse own a business, it’s crucial to hire a divorce attorney who has comprehensive experience handling business assets. Not all divorce attorneys understand business valuations or the tax consequences of businesses. The special considerations of business owners require special knowledge from your lawyer.
Have you tried to work through the issues with your spouse and keep "getting stuck" in the same pattern? Our mediators help couples shift into a new and productive way of communicating and problem solving, even while they are working towards their divorce. This family-centered process, in which the parties themselves are in control and empowered to make their own decisions, seeks to reduce the tension and trauma of divorce, not increase it. This enables couples to achieve a sense of wholeness by working together through the current issues and develop the necessary tools for resolving future differences.
Nothing is more important than your children. If you are facing parental alienation or your children are being coached, a child custody battle can be especially difficult. We have expertly conducted countless child custody trials, including initial determinations of the best interests of the children, modifications to prior orders, enforcement proceedings, and cases of parental alienation.
Child support is much more complicated than a basic formula or a certain percentage of income. There are multiple considerations that go into calculating child support, especially if you or the other parent works in a cash business, is underemployed, or if you share equal time with the child. We are experienced in every aspect of determining child support. If child support is already established, we can even determine, often in a phone call, whether the amount you are currently paying or receiving is fair.
Orders of Protection
If you have been served with a Family Court Order of Protection or if you feel that you need an Order of Protection to keep you or your children safe, you must act fast. An Order of Protection against you can impact your job, your ability to see your children, your right to live in your home, and your right to possess firearms. If a temporary Order of Protection was issued against you without you being present, you have a right to have the Order of Protection reevaluated right away. If you are seeking an Order of Protection, we will help you apply for the order, most often within 24 hours.