Protecting Your Business Assets

Running a successful business takes an immeasurable amount of time, money and stress. Protecting your success, or having your contributions recognized if you are the spouse of a business owner, is of the utmost importance in the event of a divorce.

Few attorneys in Suffolk County better understand the complex issues surrounding business assets and divorce than those at The Law Office of Castrovinci & Mady. We have more than 40 years of combined experience in high-asset divorce litigation, including at both the trial and appellate levels.

What Happens To The Business?

Just like any other asset acquired during a marriage, business assets can be subject to New York's equitable distribution laws. While business owners will try to shield these assets, it will be difficult if you use marital assets, such as money from your home, to help the business.

Additionally, spouses of business owners often argue that by maintaining the home and raising the children, they contributed to the business' long-term success and are entitled to some of the profits.

An example of our success at trial:

Our firm was recently victorious at the appellate level in a complex divorce case involving a family business. We were able to invalidate a postnuptial agreement from 1988 that waived most spousal maintenance for the wife. Since that time, the business had appreciated considerably to be worth millions of dollars. The appellate court upheld a trial ruling that found the agreement to be unconscionable and awarded the wife — our client — 25 percent of the business' appreciation and spousal maintenance for 10 years.

We prepare for every case as if it is going to trial. Our attention to detail and understanding of these complex issues put our clients in position for successful outcomes. Other family law attorneys know our reputation and trial skills, so many times we can achieve a positive outcome without a case going to trial.

Dividing Jointly Owned Businesses

If you and your spouse jointly own a business and do not want to work together after a divorce, typically what will happen is one spouse will buy the other one out. We work with highly qualified forensic accountants to perform fair appraisals of the business. If you cannot come to an agreement, you will likely need to liquidate the business.

Work With Experienced Attorneys On These Matters

With a great deal of assets at stake, working with lawyers who understand these issues is essential. At The Law Office of Castrovinci & Mady, you will work closely with one of our partners, who will ensure you benefit from our years of experience and successes in the courtroom. Contact us today at our office in Smithtown by calling 631-352-2898 to schedule a free consultation.