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Westborough Business Owner Divorce Lawyers
for Business Owners & Spouses in Divorce in Worcester County
In a Massachusetts divorce, you and your spouse will need to divide your marital assets and liabilities in a fair and equitable manner. This is frequently a matter of conflict for any couple. When this division includes a business or interest in a business, it can become even more complicated. The business may be the most financially valuable asset that you and/or your spouse own. It may be more valuable than the marital home and provide an income stream that supports you and your children. In such cases, both spouses generally believe that they should receive something from the business.
Many challenges can arise in such divorce situations for both parties. How to “divide” the business can involve many considerations concerning both the business itself, other factors related to the overall division of marital property, and the degree of conflict between the parties. The consequences of how the business is handled in this matter can be dramatic for both sides as well as the business itself. Having a divorce attorney who understands the importance of this issue and who has experience in resolving it is paramount. At O’Connor Family Law, you can work with a legal team that has practiced divorce and family law exclusively, brings 35 years of cumulative experience to the matter, and who has the knowledge and resources to guide you through this complex issue.
Schedule a consultation with one of our Worcester business owner divorce attorneys online or at (774) 315-4220 to discuss your division of property matter.
Many factors can impact the issue of dividing a business in divorce. These include tax considerations, the need to reinvest profits to keep the business running, and other key considerations involved in maintaining its successful operation. This can further be complicated by whether one or both spouses have ownership, whether both spouses have actively worked in the business and thus contributed to its viability, and overall divorce factors such as how long the couple have been married, each party’s earning capacity, and other considerations. Furthermore, if a valid prenuptial agreement exists, its terms may have a bearing on how this matter is decided.
In any marital property division, the asset must be given a value so that it can be determined how to equitably manage the division and distribution. This valuation may require the expert knowledge of business and financial professionals with specific experience in this field. Business valuation can involve accounting for all assets and liabilities held by the business, including its inventory, its accounts payable and receivable, any real property it owns, its “goodwill,” business debts, and its value appreciation over the life of the marriage.
Division of the business or the business interest can involve various scenarios based on the specifics of the case.
"O'Connor Family Law and specifically Lydia Field were amazing throughout my entire divorce process. Lydia was so knowledgeable, responsive, and helpful as we worked through the mountains of paperwork."- Sarah M.
"I am so happy with the services Attorney Khan provided, she came in at the last minute after a previous attorney did not fulfil his duties and she found errors he had made, worked all weekend on a rush to finalize my divorce."- Courtney O.
"LaKeshia Parker Smalls and her team were so wonderful throughout my divorce process. I spoke with a few other lawyers before hiring her who made me feel like a burden with all the questions I needed answers to."- Jessica C.
"Sasha Khan worked with me for 10 months on a child custody modification. She had a difficult case with the opposing party, but was very professional and driven to defend me and give advice through a very difficult time in my life."- Shannon W.
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