When you are married to the owner of a business and you think your marriage is headed towards divorce, you may wonder what your rights are to get a piece of the business. Like anything else in a divorce, there are so many different factors that need to be taken into consideration to determine this. It’s not just a yes or no answer because each situation is different.
You aren’t automatically entitled to anything in a divorce. The judge will have to sit down and determine factors including at what point in time your spouse came into ownership of the business. The outcome relies a lot on whether your spouse owned the business before you were married. They will also have to assess whether you played any role in the business at all. Did you work there occasionally or was that your full-time job? Or maybe, you never had anything to do with the business at all. It is important to make the court aware of any financial hardships or sacrifices you made in order to support the business during your marriage.
The business will be taken into consideration heavily when it comes to dividing assets between the spouses. If you are a business owner yourself, you will want to do everything you can to protect your business in a divorce. Either way, it is essential that you retain the services of an experienced divorce attorney who can provide you with assistance.
Robert Pollack is an experienced divorce and family law attorney in Long Island, New York. Contact The Pollack Law Firm, P.C., to set up a free initial consultation.