In a typical divorce, many expect to split assets right down the middle, right? Well, not exactly. In New York, the equitable distribution divorce laws are dependent upon whether property is considered separate or marital property.
If you own a business, there are inherent significant risks that you may have to share a portion of the value of the business with your spouse in the event of divorce. Your business may be the most valuable asset that you own, so how do you divorce proof your business?
A recent article that was posted on the Huffington Post talks about ways that you can protect yourself in the future, should you be a business owner.
The article states ” This 5-part series will first explain the basic differences between separate and marital property and then give you a number of effective tools that could help protect your business against the possibility of a future divorce. We will also discuss several ways to mitigate the damage if you are already heading for divorce.”
The entire article can be read here.
Keep in mind that the advice of legal counsel is always recommended. Please feel free to call our offices today at (866) 830-2064 to schedule your free consultation.