A business is considered an asset in a New York divorce proceeding. Unless you can prove that the business is not a marital asset, your business is subject to the equitable property division laws in New York. Equitable division refers to a division of property that is “fair” which may or may not be equal. Therefore, your spouse could receive a smaller or larger percentage of ownership in the business depending on the other factors in your case.
Because a business can complicate a property division case, it is important to retain the services of skilled New York divorce lawyers. Our New York equitable distribution lawyers have experience representing clients who own and operate businesses that were obtained during a marriage, inherited, or acquired before the marriage. We carefully weigh all options with our clients to determine the best course of action to take that provides the best protection of our clients’ best interests when dividing a business during a divorce proceeding.
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