Business Owners Empowering You to Move Forward

Worcester Business Owner Divorce Lawyers

Experienced Attorneys for Business Owners & Spouses in Divorce

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) 214-2137 to discuss your division of property matter.

Business Division in Massachusetts Divorce

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.

These divisions can include:

  • The business owner spouse retains his or her full ownership while other valuable marital assets are designated to the other spouse to make a fair exchange. This generally only works when enough other non-business marital assets exist to compensate the non-business owner spouse.
  • A portion of the business is designated to the non-business owner spouse. The business-owner spouse then buys out this interest portion from him or her through a lump sum payment or through installments.
  • Where both spouses own the business, one is ordered by the court to surrender his or her share and is compensated for this through a lump sum or installments.
  • Where the parties cannot agree on a buy-out, the business or its profits may need to be divided into their own separate entities.

Additionally, if the spouse who did not hold an interest in the business worked for the company, he or she may be given a credit for the value he or she added to the worth of the business during that employment. Another important factor in business property division is the date of valuation which can influence its overall final value. This is generally determined to be the date when the parties separated but this may vary based on the individual circumstances.

O’Connor Family Law Handles Even the Most Complex Cases

Locating and valuing all aspects of a business along with strategizing how to divide it in a property settlement can be an extremely complex process. Our Worcester business owner divorce attorneys are well-versed in this issue and have the resources needed to ensure that it is done properly and as fairly as possible. If you are facing this issue in your divorce, we highly recommend that you turn to a family law firm that has stood the test of time in providing outstanding legal service to clients in Worcester, Hanover, and Westborough.

What Our Clients Say

Divorce Is Not a Loss - See How Some of Our Clients Have Overcome Their Situations.
  • I will definitely be referring others to Jolee!

    “I had a tight budget and felt comfortable with their communication about it and the estimate of cost they provided. Jolee asked great questions and seemed to be experienced and knowledgeable.”

    - Nathan P.
  • Caitlyn kept the interests of the child front and center through this process!

    “She was responsive and I believe we reached a good result under the circumstances.”

    - John K.
  • It was such a pleasure to work with Sasha Khan.

    “Sasha was very professional and so caring. ?I spoke to a lot of lawyers prior to choosing to work with Sasha. Once I met with her, I felt comfortable that she will fight for me and my 6 years old son and she did.”

    - Mulu K.
  • O'Connor Family law and its staff were exemplary and highly responsive in facilitating what I needed when I needed it.

    “Caitlin Fletcher handled the sensitive matters regarding my litigation with professionalism and understanding. I felt at all times, advocated and given a clear understanding of my legal options. ...”

    - Michael S.
  • I was represented by Sasha Khan in my divorce and would highly recommend her and O’ Connor Family Law for anyone going through a high conflict divorce.

    “I was represented by Sasha Khan in my divorce and would highly recommend her and O’ Connor Family Law for anyone going through a high conflict divorce. Sasha was always quick to respond to emails and ...”

    - Catherine J.

How We Operate

Empowering You to Move Forward 
  • Education

    We don't believe in telling you what to do. Our team's goal is to educate and provide you with favorable options so that you feel empowered to choose the best outcome for yours and your family's needs. 

  • Team-Focused

    When you work with our firm you become part of a collaborative team. You can rest assured that you have a team of two attorneys and a paralegal behind you, who are always up to date on your case. 

  • Compassionate & Aggressive

    When it comes to divorce amicability is our first step - when that doesn't work, we are not afraid to throw on the gloves. As seasoned litigators, we understand that litigation is not a game; it is fighting for justice for you and your children.

Helping You Make the Best Out of Your Situation

Call 774-214-2137 or fill out the form below to get started on your next step.