Dividing Business Assets

Dividing business assets can be a very complicated legal matter. Whether you are planning on getting a divorce or trying to tie up your estate planning, the complexity of dividing up business assets frequently needs the benefit of a White Plains NY family law attorney. This is often the easiest way to determine how the assets get distributed, which party receives which assets, and which vehicles are the best for your asset distribution.

Estate Planning
When it comes to dividing up assets for your estate, there are four types of distribution that may be involved: gifting before your death, trusts that you establish while you are still alive, distributing assets through your will after your death, and distributing assets outside of your will after your death. A variety of factors may influence which one of these you choose, including your particular financial needs, your desired tax rate, and whatever strategy you choose for minimizing the fees associated with your will. Since every situation is different, the help of a White Plains family lawyer can help you decide which distribution works best for you.

Divorce
Following a divorce, the business’ assets are typically awarded to the party that had had the greater degree of involvement; the remaining spouse is typically compensated. In other instances, the court may order the entire business to be sold and the assets to be equally divided. In truly rare occasions, the business can be continued to be jointly run by both of you. Since the most common of these scenarios requires one of you to relinquish at least some of your assets, you will want to seek the help of a White Plains NY family law attorney to make sure your interests in assets developed during your marriage are protected. 

When it becomes necessary to divide up your assets, whether through estate planning or divorce, the Law Offices of  Nicole Muscente may be able to help you. Contact the offices today in order to make sure that the division of your business assets will be as fair as possible to all parties.