If you are in a new relationship, you should be sensitive about posting those pictures online. You should also be aware of the impact those photos may have on your children. The court can take social media photos into consideration when making custody decisions.
Valid grounds to get divorce in Massachusetts
Always be aware of how using social media can impact your rights and the outcome of your case. Attorney Zuckerman offers clients a free consultation to discuss and review their legal issues before agreeing to hire our services. She will take the time to assess your individual circumstances, determine an appropriate course of action and inform you of how we can best protect your interests.
Our legal support is resourceful, personalized and focused on achieving the best possible outcome. Guiding you on a path to a new beginning.
Begin a Free Consultation. Facebook and Social Media's Effect on Divorce. Yes I have read the disclaimer. Get A Case Evaluation. A typical scenario, according to family-law attorney Robert Kornitzer, at Pashman Stein, a commercial law firm in Hackensack, N. If you're not careful in a divorce, you could find your ex is your business partner -- or you could be fighting to keep your enterprise from being sold to raise cash.
Or you might lose the business to your ex. Dupuy launched the company three years into her marriage after seeking better diapering options for her second child. But in , close to the couple's year anniversary, the marriage unraveled. Dupuy discovered FuzziBunz would be considered a joint marital asset. Louisiana is one of a handful "community property" states, including California, which assume each divorcing spouse owns half the property accumulated during the marriage.
Dupuy says the stress of the divorce drove her into a nervous collapse and within 24 hours a judge put her husband in control of the company. The payments drained cash, and bankers considered her need to pay them outstanding debt, making it hard for her to borrow needed growth capital. Is your marriage headed toward a breakup?
Boston MA Divorce FAQs | Massachusetts Divorce Questions and Answers
Here are seven strategies to consider if a divorce is threatened or already underway and your company is considered a joint asset. Maintain good records, and keep the family's finances separate from those of the business. Pay yourself a good salary. If you starve the family's cash flow to build the business, a lawyer might later make the case that your ex is entitled to more of the company's assets, according to Jeffrey Landers, founder of Bedrock Divorce Advisors LLC, a divorce financial strategy firm based in New York City.
Fire your spouse. If your spouse is actively involved in your business, ease him or her out as soon as possible, says divorce lawyer Daniel Clement, principal of New York City family law firm Clement Law.
Frequently Asked Questions: Massachusetts Divorce
The more prominent the ex's role and the longer he or she worked in the business, the stronger the case a lawyer could make that this spouse helped build the enterprise and should profit from its growth. Sacrifice other assets. In a divorce settlement, a couple's total assets are added up and then divided. Try to retain percent ownership of the business by forfeiting other assets instead, such as retirement accounts, the family's home, vehicles or collectibles, Clement says. Get a fair valuation. Use a neutral, court-appointed valuation professional and then arrange for another outside party to review the figure before you agree to it, Clement says.
Dupuy wishes she had challenged FuzziBunz's valuation, which was based on a projection of 10 years of future growth rather than current revenue, she says. Arrange to make any payments over time. It's common to pay an ex for a share of a business gradually, as Dupuy did. The monthly payments can come from the business's cash flow or a bank loan. Raise capital by selling a stake.
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You could sell a minority stake in your business to employees through an employee stock ownership plan, Landers says. Or find an angel investor or two who will pay cash in exchange for an ownership stake. One bright spot for entrepreneurs: It's rare that a business ends up being sold off to satisfy a divorce settlement, Clement reports.
Facebook and Social Media's Effect on Divorce
That's because it would deprive the business owner of the future income needed to pay support payments. Preventive Moves. Take action while your relationship is still rosy and you may greatly increase your odds of surviving a divorce with your business intact. Here are five pre-emptive strategies from attorney Jeffrey Landers that can help protect you from losing your business in a divorce. Sign a prenup. If your business existed before you wed, designate it as separate property owned by only you.
Secure an early postnup. This is much like a prenup, except the agreement is signed after the wedding. If a postnup is done long before the marriage disintegrates -- ideally more than seven years before a breakup — it might be useful in defining a business as separate property. But judges often view postnups skeptically. Place the business in a trust.
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This keeps the business from being counted as a marital asset as you no longer personally own it. The move also protects the value of the company's growth. Create a buy-sell agreement. It defines what happens to a business should any owner's status change, as is the case in a divorce.
The agreement might limit a spouse's ability to acquire ownership, deprive a divorcing spouse of voting rights, or give you or other partners the right to buy at a low, preset price any interest awarded the ex.