Business and Divorce Attorney in New York, New York
What advice do you have for the owner of a closely held business who going through a divorce?
What advice do you have for the owner of a closely held business who going through a divorce?
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my advice to any small business owner or
professional practice owner
if they’re anticipating divorce
or they’re in the middle of a divorce
is to keep the status quo particularly
if they are the bread winner
the problem arises where suspicion
works against the business owner
because they control the assets and are
able to move them around in a way that
the non-title spouse is otherwise able
to move them around so
my best advice is always to keep the
status quo don’t move money
to bank accounts that are unknown don’t
change your practices
don’t suddenly cause the business to
lose its value or to run up a whole
bunch of debt unless of course there are
circumstances outside of the divorce
that can genuinely show that that would
have occurred regardless of whether or
not the divorce was going to occur or
was being contemplated you want to keep
everything status quo and if you do make
any changes that you notify your
attorney
so that they can notify the other side
in the court so everybody is fully aware
transparency is key
Contact Ken Jewell
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NY family law attorney Ken Jewell shares his advice for an owner of a closely held business who’s going through a divorce. He advises any small business owner or professional practice owner who is anticipating or currently going through a divorce to maintain the status quo, particularly if they are the primary breadwinner. The issue often arises when suspicion works against the business owner, as they control the assets and have the ability to move them in ways the non-titled spouse cannot.
His best guidance is to avoid moving money into unknown accounts, changing business practices, or taking actions that could reduce the business’s value or incur significant debt—unless there are circumstances unrelated to the divorce that would have led to those outcomes regardless. Maintaining transparency is critical. If any changes must be made, he emphasizes the importance of notifying one’s attorney so they can inform the other side and the court, ensuring that all parties are fully aware and the process remains transparent.
