of other law practices including tax,
employee benefits, corporations,
partnerships, bankruptcy, trusts and
estates and even animal law. Family
lawyers frequently divide assets including
retirement assets, intellectual property,
lottery or gambling winnings, real
estate, employee benefits, annuities,
life insurance, brokerage accounts,
professional practices and even licenses
the percentage of marriages which end
in divorce, let this article be a warning
to everyone to consider how a potential
divorce could impact your business.
with regards to whether proceeds from
lawsuits and/or workman's compensation
are marital property or sole property.
The first question to consider is: when
did the injury occur? Did it occur prior to
the marriage, during the marriage or after
the divorce was initiated? In some states,
whether any proceeds from a lawsuit are
marital or sole property depends on the
accrual date. Other states look at the
distribution date of the lawsuit.
Next, what kinds of money damages
do the lawsuit proceeds include? For
example, pain and suffering awards
are typically individual. On the other
hand, loss of consortium, physical
damage to property and lost wages or
workmen's compensation would normally
be considered community property or
part of the marital estate. However,
each state is different and you must be
aware of your state's laws in this regard.
Some states consider the entire award
as joint property, but then may award an
unequal distribution in light of the facts
and circumstances of the personal injury
case. As the attorney, failure to specify
the allocation of the types of money
damages may cause the entire award to
be subject to equitable distribution in a
divorce. Additionally, in some states, if
considered separate property. Each state
has different laws regarding commingling,
tracing assets, and separate or community
property so it is essential to either become
competent in these considerations or
consult a lawyer that is well versed in
family law.
nearly 70 percent of the world's gross
domestic product. Family businesses
represent the majority of all businesses
and employ nearly half of the nation's
workforce. Family businesses necessarily
involve family relationships which can
be affected by divorce. When a business
is co-owned by a married couple, divorce
normally involves an exit from both the
relationship and the business by one
party or it may cause the closing of the
business entirely. Even if the divorce is
not between owners of the company, but
rather an owner of the company and his
or her spouse, the business will likely be
affected. The distraction and the physical,
psychological and emotional strain in
proceeding through a divorce may cause
the business to decline. The business
may suffer simply because of the financial
and practical burdens of submitting to a
comprehensive business evaluation. Full
and complete production of evidence
may be a time-consuming and expensive
endeavor. It is crucial that interference
is minimized in order to safeguard the
stability of the business.
family law department of Lesnevich, Marzano-
Lesnevich & Trigg, LLC. Her practice is focused
on high-income divorce cases and high-conflict
custody matters. She lectures frequently
nationwide on all aspects of family law and has
published extensively on the subject.
a graduate of the University of Virginia School of
Law. She is admitted to practice in New Jersey,
New York and Virginia.
Court Plaza South, Suite 250
21 Main Street, West Wing
Hackensack, New Jersey 07601
201.488.1162 Fax
mml@lmllawyers.com
ces@lmllawyers.com
Marzano-Lesnevich