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Rockland County Business Valuation LawyerGetting a divorce can be an emotionally taxing process due to conflict between spouses and stress related to addressing and resolving financial issues and other concerns. The division of marital property is one of the most important factors in a divorce, and it can become especially complex for spouses who are business owners. By understanding the potential options for the division of business assets, divorcing spouses can make decisions that will protect their financial interests.

Marital Property Vs. Separate Property

When determining how business assets may be addressed during the divorce process, it will be necessary to understand whether a business is considered marital property. A business that a spouse owned before the couple got married will usually be considered separate property that is solely owned by that spouse. On the other hand, if either spouse founded or acquired a business after the couple got married, it will be a marital asset, and it will most likely need to be addressed during the property division process.

Business Valuation

One of the first steps to take when addressing business assets in a New York divorce is to determine the value of the business. A business valuation will usually be necessary regardless of whether a business is marital property or separate property, since this will determine the financial resources that will be available to each spouse. There are several ways to value a business, including evaluating the business's assets and liabilities, determining a potential purchase price based on recent sales of comparable businesses, or considering cash flow and profits to understand how the business's value may increase in the future. It will often be necessary to work with financial experts such as accountants and appraisers to understand a business's value.

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Hudson Valley Divorce LawyerGetting a divorce can be an incredibly stressful process, and it is likely to involve a variety of strong emotions, which can make it difficult to cope with the changes you are going through in your life. Fully considering the ways you and your family will be affected, the issues you will need to address, and the legal procedures that will be followed can be hard enough, and actually following through on these plans will likely add even more stress. To avoid being overwhelmed by the various legal, financial, practical, and emotional issues that may affect you during your divorce, here are a few tips you can follow:

Stay Organized

As you proceed with your divorce, you will have a lot of documents and paperwork to keep track of. These may include legal documents such as the divorce petition and any temporary orders issued by the judge in your case, as well as drafts of your divorce settlement or other forms or paperwork that will be submitted in court. You will also need to gather financial documents related to the assets you own, the debts you owe, and the income you and your spouse earn so that you can properly address issues related to property division and financial support. It is important to keep all of these documents in a safe place and make copies of everything. This will ensure that you will have access to all the information you may need during the divorce proceedings.

Get Control of Your Finances

As you separate from your spouse, you will need to make sure you will be able to meet your ongoing needs. Setting a budget will help you understand how much money you have coming in each month, what expenses need to be paid, and how much money is left over for other necessities such as food or medical bills. Additionally, it will be important to address any outstanding debts that you and your spouse may need to address during your divorce. By taking control of your financial situation, you can make decisions during your divorce that will protect your interests, and you can be prepared for financial success after your marriage has been legally terminated.

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Rockland County Postnup LawyerMarriage is a union that is meant to bind two people together for life. For many couples who get married, the possibility that their relationship may end in the future is far from their mind. However, life can be unpredictable, and a variety of unforeseen events can occur that could potentially lead to divorce. Some couples may choose to prepare for this eventuality by creating a prenuptial agreement before they get married. Those who are already married can also create a legal agreement that will address how certain issues will be handled if they do decide to divorce in the future. These agreements are known as postnuptial agreements.

When Can a Postnuptial Agreement Be a Good Idea?

Postnuptial agreements are generally designed to help couples address financial concerns, and they can provide an added layer of protection in the event of a divorce. These agreements may include terms addressing ownership rights to certain assets, and a couple may make decisions about how different types of marital property will be divided in the event of divorce. A postnup may also address spousal maintenance (alimony) and determine whether one spouse will or will not pay support to the other and the amount that will be paid.

Spouses may want to consider creating a postnuptial agreement in the following situations:

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