If you are going through a divorce and you have a business involved, it can be overwhelming. Do not hesitate to reach out to the Siragusa Law Firm, LLC to discuss your options. Our experienced New Jersey divorce attorneys are dedicated to ensuring that you and your business are protected.
Is my business subject to equitable distribution in my divorce?
Equitable distribution is used by courts to divide and distribute property and debt the division of marital property. It is important to note that equitable distribution means “fair” division, not “equal” division. Before a court divides property, marital property and separate property must be determined. Only marital property is subject to equitable distribution. In many cases, a business does fall under the marital property. A court will look at the value of the business and make their equitable distribution determinations based on that and other outside factors.
How is the value of my business determined?
The value of a business that is considered marital property must be assigned a value in order to be equitably distributed. Typically, in order to determine the value of the business, various experts will need to analyze the finances of the business. If any miscalculations are found, the Internal Revenue Services may get involved. If this occurs, there can be severe legal and financial consequences that can make the divorce process even more complex.
If you would like to discuss the specifics of your case with an experienced divorce attorney, do not hesitate to contact our firm today to learn more.
How can I ensure my business is protected during my divorce?
Many times, business owners are concerned about what will happen to their business once they get divorced. However, there are many steps that can be taken to protect the business. First, if the couple has previously agreed upon joint ownership of the business, a shareholder agreement can be put in place to assign value to each person’s interest in the company. In the event of a divorce, the shareholder agreement will make the process easier for both parties involved. In certain cases, business owners who have their business before they are married might consider a prenuptial agreement to avoid the business valuation process entirely.
If you have questions or concerns about how you can protect your business, do not hesitate to reach out to our firm today to learn more about your options and how we can help you.
Contact our Firm
If you require experienced legal representation for a matter of Family Law, Supplemental Security Income, Medical Malpractice, Social Security Disability, or Legal Malpractice, Siragusa Law Firm is here to help. Contact our firm today to schedule a consultation so we can discuss your case.