A Trusted Lawyer Guiding New York Clients Through Business Division In Divorce
In New York divorces, property is divided using the principle of equitable distribution. Under this system, separate property generally remains with its original owner, while marital property is to be divided fairly between the former spouses. This is the case for all types of assets, including businesses. However, businesses can greatly complicate property division in a divorce. Factors that can contribute to this include separate/marital property issues and valuation challenges.
Poppe & Associates stands ready to help you navigate the unique property division issues raised by businesses. Based in New York City, business division attorney Kamelia “Mia” Poppe, Esq., provides dedicated divorce representation backed by over 14 years of experience. As an experienced litigator with a background in financial services, she has the skills to pursue the effective business division solutions you need to safeguard your goals and protect your business.
Is A Business Separate Or Marital Property?
Determining which divorce property category a business falls under can be difficult. Ownership might be in the name of one spouse, both spouses or involve other business partners. But under New York’s equitable division system, even if a given property is only under one spouse’s name, it could still be marital property.
A key issue on this front is when the business was formed. If this happens after the marriage, the company is likely marital property. If, however, formation occurred before the marriage, at least some of the business may be separate property. It might even be possible that the whole business is separate property, such as if a prenuptial agreement designates it as such.
Given this, careful asset tracing is crucial to determine what part of the business, if any, remains separate and thus exempt from asset division. Mia can assist you with this intricate process.
How Does Business Valuation Work?
Business valuation is the process of determining the financial value of a company. There are multiple ways this can be done, such as through looking at assets, income or fair market value.
When a company, or at least part of it, is marital property, an accurate valuation of it is critical in a divorce. This is because a clear picture of how much the marital property is actually worth is essential to reaching a fair division of it.
Mia’s background in financial services positions her well to guide you through working with the appropriate professionals to reach a valuation that truly reflects what a business is worth. Helping you secure a just business division that protects your best interests is always her goal.
Put Your Case In Good Hands
If you are facing the daunting task of dividing a business in a divorce, get a trusted lawyer who will be at your side every step of the way. Mia is here for you. Reach out to Poppe & Associates today by calling 646-665-3903 or sending a message online.