If your spouse has a business, are you entitled to a share of it when you divorce? Sometimes you are, but sometimes you are not. A Sparta, NJ business divorce attorney can look at your unique situation and fight for an equitable arrangement that ensures that you get a piece of your spouse’s business if you deserve it.
What is the Difference Between Separate and Marital Property?
First, it is important to know about the two types of property in a divorce agreement. Separate property is something that you had before you were married. These could be things you purchased yourself, an inheritance, or a gift from someone else. An inheritance or gift can also be considered separate property even if you were already married, as long as it was specifically set aside just for you.
A marital property is something that you and your spouse both own. More valuable assets, like cars or homes purchased together, can often be considered marital assets.
How does this apply to a spouse’s business? Well, this company is an asset like any other. It can be considered marital property in certain circumstances, and that would mean that you are entitled to a share of it.
When Do I Need to Show to Get a Share of My Spouse’s Business?
If you want to argue that you should get a share of your spouse’s business, you have to show that it was a marital asset. You can do that by showing that:
You worked for the business: This is an obvious one. If you worked for your spouse’s business and provided value thanks to your skills and professional connections, you can argue that you had a hand in the success of the company. That should entitle you to a share of its value.
Marital assets were used by the company: If your spouse comingled finances and used your family’s money to invest in their own business, that could make it a marital asset. You can argue that you had skin in the game and deserve a share of the business as a result.
The business was founded during the marriage: Married couples share everything, and that includes a business that started during their marriage. Your spouse may not be able to claim that their company is separate property if they did not start it before you were married.
You provided another kind of support: Did you watch the kids while your spouse was working? Did you handle most of the chores while they were growing their business? Did you work and support your partner while they received the education they needed to make their company successful? Answer yes to any of these questions and you can certainly say that you contributed to the growth of this company and that you should receive a share of it in divorce.
Schedule Your Consultation Today
If you want to be sure that you are getting a fair deal in your divorce, contact Paris P. Eliades Law Firm, LLC and schedule a consultation. We can tell you more about the property division process.