In most cases, jointly held businesses are treated as marital assets, qualifying both spouses to receive economic benefit as a result of their involvement.
As for how the business will be allocated, much of that decision comes down to whether you and your spouse are able to come to an understanding about the business’s future.
Are you willing to be bought out, or to let your spouse buy you out? Would you prefer to liquidate the business and split the profits between the parties?
Is there a way to divide the business, leaving each party with a share?
These decisions are not easy ones to make, but for most couples who own businesses, one of these options will be preferred.
The attorneys at Zelenitz, Shapiro & D’Agostino have years of experience in helping couples in Queens deal with business and investment in a way that protects what our clients value.
Call us today at 718-523-1111 for a free consultation.