Best Adoption Lawyers in White Plains, NY

What Happens to a Jointly Owned Business in a New York Divorce? You started a business together then joined your lives in marriage. But the marriage does not work after a time. The main question is: who gets to keep the business? There is more than just one possible solution, as an experienced New York divorce lawyer knows. But first, let us understand how the state of New York treats the division of assets in a divorce. How Does Equitable Distribution Work in New York? In the state of New York, all marital assets are subject to equitable distribution between the spouses. The Domestic Relations Law defines marital assets as all property acquired by either or both spouses during the marriage. As for the equitable distribution principle, it does not mean that each spouse receives 50% of the marital property. In deciding how the assets are divided, the court will take into consideration many aspects, such as: The income and assets of each spouse at the time of the marriage and at the moment of filing for divorce The duration of the marriage, the age and health of both spouses Whether the custodial parent needs to continue residing in the family home Whether one of the spouses loses inheritance, pension, or health insurance rights after the divorce The probability of each spouse to be self-supporting after the divorce. Thus, you cannot be sure how the court will decide to split the business assets. And the best thing to do is to come up with an accept...