A family business can be a wonderful thing for a family to share. However, things can get complicated when two parents who own a family business decide to split up. There are many assets, both personal and business assets, which may be considered martial property. And those items considered to be marital property are subject to personal situation. The professionals at Carton & Rosoff PC understand who to best allocate these assets toward a divorcing client's best interests.
Marital property, in short, involves assets and liabilities shared or owned individually that can be counted and allocated toward property division. It is unlikely that all assets, both business and personal, will be split equally down the middle. Rather, the assets and liabilities will be totaled and then divided in a way that assumes an equitable property division for both parties. For nearly 30 years, the legal professionals at Carton & Rosoff PC have been working on flexible and creative resolutions in some of the most complex high asset divorces in New York.
Business assets can sometimes be very difficult to ascertain. This is due to how well assets have been recorded at said business and how long the business in question has been in operation. The business may or may not dissolve due to the divorce. Discussing these issues with a legal expert can determine how the needs of a client could be best met in a marital property division.
Keep in mind that all marital property divisions and family businesses are different. This is why it is so important to address the individualities of these asset division situations. Whatever the situation, divorce can be emotionally taxing and confusion. To learn more, check out our law firm's high asset divorce website.