Buffalo Lawyers for Divorcing Business Owners and Professionals 

Experienced New York attorneys protect clients’ interests in property division

In a divorce where one or both spouses own or partly own a business, division of that stake may be required. At the Law Offices of Randy S. Margulis in Buffalo, our attorneys understand how to protect the financial interests of clients when business ownership is affected. We will work to facilitate a solution that protects your ownership and ensures that any allocation to your spouse is fair. Our firm provides legal support to clients throughout Western New York. 

How businesses are handled in property division

In a New York divorce, your interest in a business is subject to equitable distribution if it is marital property. This may be the case if you started it or acquired it during your marriage, if it was financed with marital funds or if your spouse contributed to its operations. Even a business interest acquired before marriage can be considered marital property to the extent it appreciated in value since you wed. If you believe the business is yours alone, we will assist you in gathering evidence to prove that to the court. If the facts show that the business is marital property, we will advocate that your spouse gets different assets of equal value to prevent the business from being divided between you or sold. 

A valid prenuptial or postnuptial agreement that excludes the business from the marital estate will effectively safeguard it from equitable distribution.

The process of valuing a business that is marital property 

An accurate valuation of tangible and intangible assets must be made before a business ownership interest can be divided. Tangible assets include items you could sell or liquidate, such as properties, equipment, vehicles, stocks or cash. Intangible assets include intellectual property and goodwill. We work with professional valuators who consider the company’s cash flow, balance sheets and sweat equity when making an appraisal that will affect your financial outcome. Whether you are the business owner or the spouse seeking sale of the business or assets of equal value, a family lawyer from our firm will make sure that the business valuation is fair and accurate. 

Professional degrees and licenses in business interest division 

During a marriage, one spouse may have earned a professional degree or license that enabled them to start a practice. This might be a medical degree, a law degree or a CPA license. If so, the other spouse might have provided support, economically and otherwise, to enable the professional to achieve that degree. Equitable distribution doesn’t mean giving that spouse a share of the practice, since ownership is restricted to professional license holders. However, the court could give the spouse a share of other assets as a set-off for their contribution. 

Contact a skillful Buffalo law firm to protect your business in divorce 

The Law Offices of Randy S. Margulis in Buffalo, New York is experienced in all aspects of property division in divorce, including the treatment of business ownership interests. Call 716-886-9600 or contact us online to schedule a consultation.