If either or both parties involved in a divorce own a business, or a portion of some type of business, the ownership interest is usually viewed as property subject to distribution in the allocation of the marital estate. In this case, a value must be placed on the ownership interest, the business, and/or real property owned by the business.

The attorneys at MacElree Harvey would seek an expert in business valuation in order to assess the business as such an appraisal is a complex process involving numerous factors. An expert would review the assets and liabilities related to the business, including both tangible and intangible property, as well as the income generated by the business, offset by its expenses. The calculation of revenue varies with each business, and the expert would vigilantly analyze the business’s financial records in order to make an accurate determination of profit. The expert would also decide which valuation method is to be used in order to properly value the particular type of business.

It is important that you discuss this aspect of your case with your attorney in order for any business interest to be valuated as close to the time of equitable distribution as possible in order to establish the true marital value. The experienced family law attorneys at MacElree Harvey will discuss the particulars of your situation and the need, if any, for a business valuation.

If you would like to schedule a consultation, please contact us at one of our offices below or submit the contact request form.

Parties in a marriage come to expect a certain standard of living as a couple. Often, however, the party with the smaller income is unable to sustain him/herself during the divorce process in a manner to which they have been accustomed. Sometimes, they might not even be able to make payment of everyday bills. The family law attorneys at MacElree Harvey are as experienced in applying for and obtaining necessary alimony pendente lite (“APL”) or spousal support on the behalf of the party in need as they are in representing the party obliged to make payment. When required, experts may be utilized to determine the precise amount of income available for the payment of support, whether for the benefit of the obligee or the obligor. A fair and reasonable outcome is the primary goal, regardless of which party we at MacElree Harvey represent in a support matter.

If you would like to schedule a consultation, please contact us at one of our offices below or submit the contact request form.

A Postnuptial Agreement is a contract that is entered into by married parties after the nuptials have transpired. Such an agreement intends to outline the parties’ rights regarding assets, income and property in the event of separation or divorce. A Postnuptial Agreement may be of particular value if one or the other spouse expects to or obtains a substantial increase in income, property or inheritance during the course of the marriage. Both parties, of course, must be agreeable to the drafting and implementing of this agreement and, as with a Prenuptial Agreement, an attorney for one of the parties would draft the agreement and an attorney for the other party would review until, after much review and negotiation, a final product is agreed upon and the parties would then sign.

MacElree Harvey’s family law attorneys, with their combined years of experience, are available to assist with the drafting or review of a Postnuptial Agreement.

If you would like to schedule a consultation, please contact us at one of our offices below or submit the contact request form.

A Prenuptial Agreement (also referred to as an Ante-nuptial Agreement) is a contract between two parties who intend to marry and wish to define their respective rights relative to premarital property and spousal support in a binding agreement that would take effect upon termination of the marriage by divorce or death. They may also wish to address in this premarital contract certain property rights during the marriage.

It is advisable that parties do not wait until the last minute to consider the drafting of a Prenuptial Agreement, as a full financial disclosure of both parties’ assets and debts—and their intentions regarding same—must be made in order for the agreement to be prepared. Each party usually retains separate attorneys, with one party’s attorney drafting the agreement. The attorney of the other intended spouse would review this draft on behalf of his or her client to ensure that a fair contract has been achieved. If changes are necessary (and they often are), a “back-and-forth” communication would ensue. Eventually, the document is finalized, with all financial elements disclosed and addressed, and both parties sign the agreement.

The binding value of legal rights as outlined in a Prenuptial Agreement is substantial. The family law attorneys at MacElree Harvey are well-versed in the particulars of Prenuptial Agreements and are available either for drafting or review.

If you would like to schedule a consultation, please contact us at one of our offices below or submit the contact request form.