Business Valuation Attorney in Bridgewater, NJ
Getting divorced as a business owner can feel overwhelming, as this ownership complicates an already difficult process. New Jersey business owners who are navigating a divorce may feel worried about losing their company as a result of the final settlement agreement. If you are a business owner facing a divorce in New Jersey, it is important that you have quality legal representation on your side, especially through the business valuation portion of the proceedings. At Siragusa Law Firm, we are here to help you protect what you have worked so hard for over the years. To discuss your situation with a skilled business valuation attorney, contact Siragusa Law Firm today.
Is My Business Subject To Equitable Distribution?
Many business owners wonder whether their business will be subject to the equitable distribution process during a divorce. Before dividing any property, the state must determine what is considered marital property and what is considered separate property. Only marital property is subject to distribution during the divorce, meaning that if there are protections on behalf of the business to keep it separate, it will not be up for division. However, if the business does fall under marital property, the value of the business will be taken into consideration during the equitable distribution process. Ultimately, this can leave a business owner vulnerable to a wide range of issues, legal, and otherwise.
Determining The Value Of A Business
If the court determines that a business is considered marital property, the business must have a value assigned to it. This can open the business up to a number of different experts examining the finances of the business and if any discrepancies are found, the Internal Revenue Service may get involved. This, of course, can result in serious legal and financial trouble for the business owner and complicate the divorce process further.
How Can I Protect My Business During A Divorce?
Many business owners wonder how they can protect their businesses from litigation. If the couple previously arranged to be joint owners of the business, they may execute a shareholder agreement to assign a value to each party’s interest in the company. These agreements often already have ownership spelled out in the event of a divorce, and make the process much easier for everyone involved. Protecting your business from the investigations of a forensic accountant can be worth the while for both parties. Some business owners who have their business established prior to the marriage include ownership terms in a prenuptial agreement to avoid the business valuation process altogether. If you have questions about protecting your business before marriage or divorce begins, it is important to have strong legal representation on your side.
Contact A Somerset County Business Valuation Attorney
Are you considering divorce but are worried about how your business may impact the proceedings? If so, Siragusa Law Firm is here to help. Our firm has the skill and experience necessary to protect your business or help you determine the true value of your spouse’s business during the divorce process. To discuss your situation with a legal team you can trust, contact Siragusa Law Firm today, and schedule a consultation.