Divorce can be complicated. This is especially true for business owners. If you are getting divorced in New Jersey, you may be wondering what will happen to your business. Read on to learn more.
How is Property Distributed in a New Jersey Divorce?
When it comes to dividing your assets, it is important to first understand the difference between marital property and separate property. Marital property refers to any property that was acquired during the course of the marriage. Separate property is property that was obtained before the marriage or purposely kept separate from the other spouse. This may include gifts, inheritance, and more. In some cases, separate property can become marital property. For example, if you purchase a house before you are married, but your spouse moves in, helps with the mortgage, and contributes to the upkeep of the home, the house becomes marital property.
Marital property will then be divided through the process of equitable distribution. This means that your assets may not be divided equally. Instead, they will be divided in a way that is fair to both parties. This can depend upon a number of different factors.
In order to keep your property separate, you can list it in a prenuptial agreement. This is a document that declares how your assets will be divided in the event of separation, divorce, or death. If you did not create a prenuptial agreement before your marriage, you can create a postnuptial agreement. This document has the same purpose, but it is created during the marriage, rather than before.
Using an Expert for Business Valuation
In order to divide your assets, you will first have to know their true value. In order to determine the value of your business, you may need to work with an expert. An expert can help determine the value of the business and whether your spouse is hiding any assets. Hidden assets can lead to major legal trouble and will likely prompt an investigation with the IRS.
If you have any questions or concerns about what will happen to your business during a New Jersey divorce, our firm is here to help. Reach out today to speak with an experienced attorney.
Contact our Firm
We understand that those getting a divorce most likely have several questions regarding the weeks and months to come. Paris P. Eliades Law Firm, LLC is honored to serve the people of New Jersey, including Sparta, Sussex County, Morris County, Passaic County, and Bergen County with the quality legal services they deserve. If you are getting a divorce or have any other questions regarding divorce-related matters, please do not hesitate to contact our firm for a consultation today.