For many individuals, business ownership can be simultaneously rewarding and difficult. New York residents likely feel a sense of accomplishment when their businesses succeed, and they likely want to avoid situations in which their businesses could be damaged. As a result, parties could become understandably concerned for their businesses in the event of divorce.
When a business is part of the divorce process, an individual may be concerned that his or her spouse could end up with part of the business during property division proceedings. However, there are multiple aspects that could come into play when dividing a business. First, the value of the business must be determined, and each individual's role in the company will likely be considered. Additionally, the length of the marriage could also be a factor.
If the business is co-owned by both parties, decisions will need to be made regarding the continued ownership and operation of the business. In some cases, one co-owner may wish to no longer have a stake in the business, and, in such situations, the value of that individual's portion of the business and the business's sale will likely be discussed. Negotiations during property division can have a considerable impact on business division.
When there is a business concern during divorce, individuals will likely want to understand their cases as best as they can. Therefore, New York residents who are concerned with such issues may wish to gather information regarding property division and other divorce processes. Additionally, discussing such information with experienced divorce attorneys could help parties work toward agreeable end results.
Source: The Huffington Post, "8 Steps to Divorcing Your Husband Without Losing Your Business: Divorce Advice for Women Entrepreneurs", Emma Heptonstall, Nov. 3, 2015