Cox Padmore Skolnik & Shakarchy LLP remains ready to serve you during the COVID-19 pandemic. We are prepared to provide you with continuous legal service and uninterrupted communication. We are also monitoring the legal impact of COVID-19 and we are available to discuss any questions you may have regarding the CARES Act, insurance coverage issues, including business Interruption insurance, or other issues. Please see below for a list of our practice areas. You may contact us by the usual means of telephone and email, which is encouraged at this time. We will promptly respond. Video conferencing is also available. In all, our firm remains committed to assisting you throughout this evolving period of legal, business, and safety concerns.
Cox Padmore Skolnik & Shakarchy LLP remains ready to serve you during the COVID-19 pandemic. We are prepared to provide you with continuous legal service and uninterrupted communication. We are also monitoring the legal impact of COVID-19 and we are available to discuss any questions you may have regarding the CARES Act, insurance coverage issues, including business Interruption insurance, or other issues. Please see below for a list of our practice areas. You may contact us by the usual means of telephone and email, which is encouraged at this time. We will promptly respond. Video conferencing is also available. In all, our firm remains committed to assisting you throughout this evolving period of legal, business, and safety concerns.

CALL US TODAY: 646-355-1648

Innovative Solutions To Complex Legal Concerns
  1. Home
  2.  | 
  3. Divorce
  4.  | Protecting a business in a high-asset divorce

Protecting a business in a high-asset divorce

| Sep 14, 2020 | Divorce

For many entrepreneurs, their business is the culmination of many years of blood, sweat and tears. Although building a business takes years of hard work, it is one of the most rewarding things any person can do in life. Unfortunately, in the event of a high-asset divorce, many business owners could lose their livelihood if they are not prepared. Here are a few ways New York residents can protect their businesses amid a divorce.

A prenuptial agreement is probably the best and most effective way to protect a business from divorce. A prenup can distinctly identify the business as a separate asset. Thus, in the event of a divorce, the spouse would not have a stake in the business. Without a prenuptial agreement, there’s a chance the business could be divided in a divorce.

However, there are some cases in which a judge could rule in favor of the spouse despite having a prenuptial agreement in place. This can happen when a business grows during the marriage and a spouse helps with growing the business. Avoid this by keeping the spouse out of the financial aspects of the business and any business-related decisions. If a divorce happens, it will be harder to prove that the spouse played a role in the business’s success.

Understandably, a business owner will do whatever it takes to protect and preserve his or her livelihood. When it comes to protecting businesses and assets during a high-asset divorce, never go at it alone. New York residents can benefit by seeking the assistance of a legal representative. An experienced and knowledgeable attorney can safeguard personal rights and help a concerned spouse protect his or her assets.

Archives

FindLaw Network