Business owners and self-employed individuals choose a path of uncertainty and hard work for the potential of a better future. When that hard work pays off, you’ll find that the divorce process is more challenging than it is for couples with traditional jobs and assets. Business interests, fluctuating income, and substantial assets can all make your Long Island divorce more complicated. Choosing an experienced divorce law firm like Petroske Riezenman & Meyers, PC makes a difference.
With six experienced family law attorneys that have nearly one hundred years of experience between them, the team at Petroske Riezenman & Meyers, PC has the knowledge and skill you need in your Long Island divorce case. Our divorce attorneys in New York balance compassion and empathy with a laser focus on legal strategy that accounts for your specific circumstances.
Our two offices make it easy to find help wherever you’re located on Long Island. Our Nassau County office can be found in Garden City at1055 Franklin Avenue, Suite 206. Our divorce lawyers are just a few minutes from the Nassau Matrimonial Court. If you’d rather meet us at our Suffolk County location, look for us in Hauppauge at1393 Veterans Memorial Highway, Suite 414n. Whether you live in the area or are coming from another community, our proximity to the Long Island Expressway makes us easy to access. Schedule your consultation with one of our family lawyers now by calling us at 631-337-1977.
– “I recommend Attorney Ryan if you want someone who is efficient, understanding, and works very hard. I got divorced in one year. He guided me through the process, quickly answered all my emails and questions, and spent as much time as I needed to prepare for court. He fought very hard for me – I definitely got the better end of the deal than my ex!….he managed to have my ex not touch my retirement! I am allowed to stay in my house with the kids until my youngest child graduates high school. Those were the 2 things I was worried about the most, and Ryan came through!”
Complicated Financial Factors in Divorce for Business Owners and Self-Employed Individuals
When a business owner or self-employed person is getting divorced, the case in general often requires a deeper evaluation of financial records and assets. While you still have to divide standard assets, business owners also have ownership interests in companies, business assets, and professional practices that may be subject to division.
In addition to physical assets and businesses, business owners and self-employed people may have intellectual property that may be divided. This is especially complex, as NDAs and non-compete agreements may come into play to protect the business benefiting from the intellectual property.
Business ownership is known for financial ups and downs, but these fluctuations can also make it difficult to calculate child support, spousal support, and a fair division of assets.
Business Valuation in Divorce Cases
One important step in a divorce involving a business owner is figuring out the value of the business itself. If the business was established during the marriage, the entire business may be subject to division. If it was established prior to the marriage, any growth or physical expansion may be considered marital property, especially if the other spouse contributed to the business or helped maintain it.
Financial professionals may analyze the company’s revenue, profit margins, liabilities, and assets. You’ll also need to look at intangible factors like the customer base and the business’s reputation.
Furthermore, partnership agreements, shareholder agreements, and buy-sell provisions may affect how ownership interests are divided.
Dividing Business Assets Without Affecting Business Operations
It’s generally preferable to divide a business in a way that allows the company to continue running without disruption. Divorce settlements may preserve a business’s stability by offsetting the value of the business owed to one spouse with other assets, keeping the business in one owner’s hands while still treating both parties fairly during the divorce.
Income, Self-Employment, and Spousal Maintenance
Determining income for spousal support is especially difficult when the payor is a business owner or self-employed. Income may change seasonally, with the economy, or over time with expansion and cutbacks. Courts are likely to look at profit-and-loss statements, tax returns, and other financial records to fairly determine earning capacity and figure out what is owed in terms of spousal support.
Divorce for Business Owners in Nassau County
Business owners living in Nassau County may file their cases in the Supreme Court in Mineola. This court serves people living in communities like Glen Cove and Oyster Bay. Our knowledge of court procedures and expectations in Nassau County allows us to effectively and professionally represent our clients.
Suffolk County Divorce for Business Owners and Self-Employed People
Suffolk County divorce actions are filed in the Supreme Court in Central Islip. Entrepreneurs and self-employed individuals in communities like Islip, Huntington, and Brookhaven may benefit from our experience in this region.
Choose Our New York Divorce Law Firm to Help You With Your Case
Our team has helped business owners with incredibly complex divorce needs work towards a solution that protects their best interests. Throughout our years in practice, we’ve helped clients manage marital estates worth millions of dollars without giving up their business in the process. Schedule a consultation with our team by calling us at 631-337-1977 or 516-699-1989, orfilling out our online contact form.