Owning a New York business can be hard even when a White Plains resident is happily married, but it can get especially difficult when one is also going through a divorce.
One reason for this is business assets are difficult to value and divide, especially if the spouses have different ideas about what should happen to the business following their divorce. Likewise, the fact a person owns his or her own business, or has a share in a family business, can affect other aspects of a family law case as well.
For instance, the owner of a business may have to take in to account tax consequences above and beyond what just about anyone going through a divorce in New York has to consider.
Moreover, income from one’s own business can fluctuate, usually more so than in the case of a person who is employed full time. These periodic changes in a person’s income can make it hard to estimate precisely how much the person is capable of earning, even though this is an important question with respect to alimony, child support and other family law issues.
In short, handling a business in a divorce is a complicated affair, and the stakes are often quite high. In fact, a stake in a business is the largest asset many people have.
This is one reason why many New Yorkers who have business holdings entrust our law office to handle their family law matter in what is no doubt a very difficult time for them. Our knowledge of family law and our experience handling complex cases gives us the skills we need to advocate effectively for our clients who are business owners. We also have ready access to a Certified Public Accountant who can do things like offering an official opinion on the value of a business.