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Lakeville New York Legal Blog

What happens to business when you divorce your business partner?

You and your spouse have a successful business. Together, the two of you worked hard to make this dream a reality. You both put in long hours, did research and worked through issues. This business is your livelihood. Both of you are extremely proud of what you’ve accomplished as business partners.

Unfortunately, your marriage is not seeing the same success. You said ‘I do’ with hopes of your relationship lasting forever. But that fairytale just isn’t reality anymore. Now, the two of you have decided that it would be best for your futures if you get a divorce.

Divorce and Bankruptcy

Sometimes, life kicks you while you are down. Often times, financial stress causes marital problems contributing to divorce. The financial woes which caused problems in the marriage often get worse during and after the divorce process.

Unfortunately, many couples are left with little more to share than debt when they go through a divorce. The cost of maintaining two separate households is obviously higher than maintaining one, making debt which was difficult to pay during the marriage impossible to pay after the divorce.

List of Things (property, assets) You May Keep When Filing Bankruptcy in New York State

Below are lists of what you are entitled to keep following a bankruptcy filing. If you have assets which are not exempt, either because they are worth too much or do not fit with one of the available exemptions listed below, you may still be able to keep the property. You may be able to keep all or most of your assets through either a Chapter 13 filing or buy negotiating a "buy-back" of your property with the bankruptcy trustee. Consult with a local bankruptcy attorney for answers any specific questions you have about asset retention.

Top Reasons Divorce Lawyers Are Hated

The process of divorce is difficult enough without involving attorneys who increase the acrimony. The common perception of the divorce attorney is of an insensitive, aggressive individual who fights like a bulldog no matter what the issue. While you should have a divorce attorney who will protect your rights and fight if necessary, having an attorney who is easy to hate may not be the best idea. If you cannot stand to be around your divorce lawyer, chances are your divorce will be equally uncomfortable. When children are involved, finding an attorney with the right skill and personality is of utmost importance.

The Divorce Trial

Most divorce cases, even if they begin as contested matters, are settled prior to trial. Financial issues can usually be resolved once all relevant information is exchanged, appraisals completed, etc. While sometimes property distribution must be decided by trial, usually maintenance (alimony) and child custody are the unresolved issues necessitating trial.

Divorce from A to Z, Beginning to End- The Discovery Process

The discovery process can be both the most useful and most frustrating part of the divorce process. Discovery allows you to receive any information relevant to the divorce action. In order to have the right to discovery, demands must be timely made. Usually, at your initial court date, the court will set deadlines for discovery. If these deadlines are not met, you may lose your right to make demands or, if you fail to timely respond, you may have certain issues decided against you.

Steps in Divorce Action- The Court Date

You have your first court date scheduled in your divorce action. What can you expect on this date?

If neither party has filed motions seeking any immediate and temporary relief, then likely not much will happen on the first date, especially if there are no children of the marriage. Most counties have what is referred to a matrimonial screening, or some version of this process.

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