If you are a business owner going through a divorce, it is in your best interest to retain the services of an experienced New Jersey divorce attorney to discuss the specifics of your case with our dedicated legal team.
Will my spouse get part of my business after we divorce?
In the state of New Jersey, courts will split the property of a couple into two different categories: marital property and separate property. Separate property refers to the property that was acquired before or outside of the marriage such as a gift or inheritance. Marital property refers to property that was inherited during the marriage.
Your business will likely be considered marital property if it was created after you were married. Additionally, it is important to note that marital property undergoes equitable distributions. This means that the property will be divided fairly, rather than equally. It is also critical to understand that even if your business began before your marriage, it is possible for a business to become marital property over the course of your marriage, even if your spouse was not directly involved in your business.
If you have questions about whether or not your business will qualify as marital property, you will need an experienced and dedicated attorney on your side. Contact our firm today to discuss the specifics of your case and your options.
How will my business be valued in a divorce in New Jersey?
Courts will typically turn to financial experts when assessing your business and determining its value. The value of your business will be based on consideration of the following factors:
- Your businesses’ expenses
- Your businesses’ revenue
- Your businesses’ debts
After the value of the business has been determined, the court will then assess what portion of your business should go to your spouse. It is important to be open and honest with the court when going through this process to ensure that your financial situation is accurately represented. If you are not honest with the court, any inconsistencies will be reported to the IRS which can trigger many potential legal issues and a delay in your divorce process.
With that being said, this is why it is critical for business owners that are going through a divorce to have a skilled attorney on their side. A divorce lawyer will help you navigate through the process and ensure that the documents you submit will be completed accurately to avoid further complications.
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.