What to Know About Business Owner Divorce in New Jersey

What to Know About Business Owner Divorce in New Jersey

If you are a business owner that is currently going through the divorce process, you will need to retain the services of an experienced New Jersey divorce attorney. Our firm is dedicated to ensuring that you and your future are protected. Contact us today to learn more about your options.

Will my spouse get part of my business after we divorce?

New Jersey courts split the property of a married couple into two different categories: marital property and separate property. Separate property is defined as property that was acquired before or outside of the marriage such as a gift or inheritance. Marital property refers to property that was acquired during the marriage.

If your business was created after you were married, it will likely be characterized as marital property. Additionally, it is important to note that marital property undergoes equitable distribution. This means that the property will be divided fairly, rather than equally. It is also critical to understand that even if your business began before your marriage, it is possible for a business to become marital property over the course of your marriage, even if your spouse was not directly involved in your business.

Retain the services of an experienced and dedicated attorney if you are a business owner going through a divorce. Contact our firm today to discuss the specifics of your case and your options.

How will my business be valued in a divorce in New Jersey?

Courts will usually reach out to financial experts to aid in determining the valuation of your business. The value of your business will be based on consideration of the following elements:

  • Your businesses’ expenses
  • Your businesses’ revenue
  • Your businesses’ debts

Once the value of the business has been determined, the court will then assess what portion of your business should go to your spouse. It is important to be truthful with the court when going through this process to ensure that your financial situation is accurately represented. If you are not honest with the court, any inconsistencies will be reported to the IRS which can cause many potential legal issues to arise and delay in your divorce process.

Because of the above, it is critical for business owners that are going through a divorce to have a skilled attorney on their side. A divorce lawyer will help you navigate through the process and ensure that the documents you submit are properly completed to avoid any issues and delays.

Contact our Firm

We understand how emotional and difficult matters of family law can be. If you need the assistance of a knowledgeable attorney to help protect your right to your family, please do not hesitate to contact our experienced firm. We are eager and dedicated to helping you through this difficult time. Our personal injury specialists at Greenberg & Walden, LLC are standing by for a free initial consultation. Call us at 201-528-6928

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