Business Co-Ownership and Divorce: What Do I Need to Know?

Are you a successful business owner facing a difficult decision about divorce? Are you scared that you may lose the asset you have worked so hard to keep?

The division of marital assets is one of the most complex issues in any divorce case. Things can become heated when complications with investments and business ownership arise.

This may be especially true if you share ownership of a business with multiple people.

Remember, any business in New York or New Jersey is subject to equitable distribution, and the first determination to make in any divorce case is whether the business interest is a marital property that should be included in the case. If you own a business with a partner, your share of the business could potentially be divided.

This is why working with an experienced attorney is so important—you do not want to lose out when it comes to your share of business ownership.

Keep in mind, each party in a divorce has the option to bring in specialists to review financial documents and ownership materials. Working with an experienced lawyer can help you circumvent issues that may arise during this period.

A Complicated New York Divorce Involving a Business

Want an example of how things can become difficult in a divorce case involving business co-ownership?

Recently, the New York Post reported that a Queens judge brought the co-owners of a Manhattan parking garage into a divorce battle.

The divorce involves a man named Benny Tal, a co-owner of the garage, and his estranged wife, Michal. After auditing business documents for divorce purposes, an accountant allegedly found that the operators of the garage had a large amount of cash that went unaccounted for, for tax purposes.

In addition to the discovery of missing cash, it was alleged that Benny and his partners conspired to shorten Michal out of her share in the business following her divorce filing, intentionally low-balling her alleged $1.6 million share in the garage to $250,000.

Eventually, because of the dispute and alleged crime, an arrest warrant was issued for Benny. Michal also filed lawsuits against the other business owners for their alleged fraud.

Should I Speak to an Attorney About a Divorce and My Business?

As we stated above, divorce is a very complex process that requires top-notch legal representation. Issues involving asset claims can become incredibly stressful if you do not receive proper guidance and you co-own a business.

Luckily, our law firm has a reputation with results you can count on. Make sure you receive expert legal guidance or you may lose out. In fact, almost 50 percent of the dissolution matters we handle at KGG involve a family owned business. Don’t learn from your lack of experience, depend on our four decades of knowledge.

Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C. – Divorce Attorneys

Source: http://nypost.com/2015/01/26/business-partners-get-roped-into-divorce-battle/