When one spouse owns a business, there are many factors that will help determine how the value of the business will be split. One of the major factors is if the spouse owned the business prior to the marriage. Another important factor is the role of each party in the operation of the business or the appreciation of the business. Of course, the court will consider the length of the marriage when determining any split in the business’s value. Another important factor is any sacrifices made by the spouse, financially or otherwise, to support the business owner succeed. Furthermore, the court is interested in knowing the risk, if any, the business owner spouse will assume in retaining the business and the tax consequences to the business owner spouse in retaining the business. Finally, the court will examine the overall division of property and debts.
Before any of this can occur, it is important to work with an attorney that can help you develop your case. You and your legal team will work on a strategy for valuing the business and how it should be treated in the division of property and debts. Furthermore, in many of these cases, it may be imperative to retain the services of a forensic accountant as an expert to help value the business.
When needing to discuss such significant matters, it is important to pick the right attorney. When you need legal assistance, contact Paris P. Eliades Law Firm, LLC.
Paris P. Eliades Law Firm, LLC is a family law firm serving clients in Sussex, Morris, and Passaic County and throughout New Jersey with compassionate, quality legal services. Contact our office today for a free initial consultation.
