Husband Wins at Trial – Awarded 50% of Business Run By the Wife – January 2016

Martin + Colin, P.C. announces that it has won a trial court victory in Supreme Court, Westchester County, for the husband in a highly contested divorce. Throughout the case, the wife claimed that the very successful business started and operated during their long term marriage was entirely the result of her talent alone, without any contribution from the husband.  The wife believed that because she was “the face” of the business then she must be “the entirety” of the business.IMG_0740

However, the husband’s testimony at trial established that: throughout the 20+ year marriage, while the wife worked to develop and build the business, from the inside, the husband also worked to develop and build the business, albeit from the outside.  In other words: the husband rebuilt the physical structure to make it more suitable for the business; the husband handled payroll, accounting, invoicing, financing and other back office responsibilities; the husband participated in advertising, announcements and other customer contact; and the husband maintained the building and grounds.

At trial, the wife was willing to make a nominal payment to the husband, but was unwilling to acknowledge he was a 50/50 partner deserving of a 50/50 split of the business.

During trial, after letting both parties demonstrate their most compelling evidence, the judge strongly urged a settlement.  The judge structured the settlement to grant the husband half of the current fair market value of the business but granted the wife 100% of any increased value, going forward, she could create.  With his 50% of the current value of the business, the husband sold his interest in the business to his wife and will spend his time managing and developing the other assets that the parties acquired during the marriage and that he obtained in the divorce.7K0A0223

Notes:  To determine the fair market value of the business, the appraiser utilized both the Capitalization of Earnings method as well as the Market Approach method.  As the children of the marriage were all over 21 years of age, custody and child support were not factors in this divorce.  Be careful what you wish for – in this case, the wife insisted upon a formal appraisal, instead of a casual valuation (such as two times net profit).  The formal valuation came in higher than the casual valuation – and cost the wife much more money.

The divorce lawyers at Martin + Colin, P.C. can leveraged their expertise handling prior, similar cases to your advantage.  Call us now at (914) 771 7711 and let us apply our expertise to your case.

 

Our Divorce Practice Discussed in Recent National Blog Post

Martin Colin, P.C. is pleased to announce that our matrimonial law practice was discussed in a recent article posted to the Primegraphix website.  

The article can be found here:  http://www.primegraphix.com/legal-guidance-face-divorce

 

Legal Guidance When Faced With Divorce

Legal Guidance When Faced With Divorce

 The full text of the article appears below:

Legal Guidance When Faced With Divorce

Divorce comes with numerous legal hurdles to be overcome.  There are a lot of issues that may bring contention between you and your partner.  This is why you need a competent lawyer to represent you in court and also offer you rightful legal counsel.  Such matters as child and spousal support as well as division of property are usually contentious and thus, need to be handled with an experienced lawyer.

The role of the lawyer in helping you have a convenient and fair settlement in your divorce is indeed crucial.  The lawyers at Martin & Colin, P.C. in White Plains, New York understand that in such issues, there are higher stakes involved and it is not all about money and property.  Many spouses wish for a settlement that will ensure the comfort and security of their children.  Hence, when arguments are being made as regards child custody and support, they will not give advice that seeks to benefit their client alone.  They will bear in mind the fact that your ability to be happy even in the successful completion of divorce will be determined by the children’s comfort.  Even in explosive divorce cases, competent lawyers aim at securing the interests of the client without forgetting the position of minors in the setting.

Thus, a Martin Colin lawyer is an expert who can be relied upon even for counselling during divorce proceedings.  It is important that you entrust such an important process to a professional who is qualified and reputable enough to know how to handle it.  Many people handling divorce cases look for lawyers who have gained a solid reputation in family law.  Due to the fact that they have handled many such cases in the past, they know the best means of guiding you through the legal requirements.

The divorce lawyers at Martin Colin, P.C. can be contacted at (914) 771 7711.  They can be relied upon in several more legal issues stemming from matrimonial conflicts.  For example, many conflicts have arisen even after successful divorce proceedings.  If agreements are not respected, definitely tension will arise between the divorced couple.  Usually, they stem from child custody and support.  One party may fail to meet his/her responsibilities to the minors or refuse to share custody.  You will still need the expertise of a family lawyer to argue out your course successfully.

Divorce cases usually come with immense emotional demands to both parties. This is not only because of the breaking marriage but due to the issues of contention between them.  It is therefore important to seek a qualified family lawyer whose expertise will make the experience less strenuous for you.  You may wish to look at the reviews that clients have done on services of a particular law company to determine whether they are best for you.  A good divorce lawyer will strive to achieve a settlement that will work in favor of the client and minor children.