If you own a business and are getting divorced, you may be wondering whether your business is up for grabs. There are few things worse than knowing all your hard work may be in jeopardy, which is why we are here to help. Please read on and speak with our experienced New Jersey divorce attorney to learn more about the legal process going forward:
What is the difference between marital property and exempt property?
If you are getting a contested divorce and are a business owner, there is a very good chance your divorce, and your business, will be subject to equitable distribution. Rather simply, this means that all (or most) marital property will be up for grabs. Marital property includes real estate property, cars, and more. On the other hand, exempt property is generally untouchable in divorce. Exempt property includes gifts, property acquired before your marriage, and inherited assets. As stated earlier, unless you have a written and legally-binding agreement, you may be at risk of losing your business, or at least a portion of it.
How will New Jersey courts value my business if I am getting divorced?
When entering the equitable distribution process, New Jersey courts will place a dollar value on your business to obtain a clearer, more complete assessment of how your marriage functions financially. To value your business, the courts will generally examine all business-related records and expenses. You must submit all information regarding your business correctly and truthfully. If it is discovered that you lied or withheld information, you may be subjected to an investigation by the IRS. An experienced attorney can help ensure you submit all this information both correctly and in a timely matter.
Is there any way I can protect my business from a divorce?
Fortunately, there are certain ways in which you may protect your business from a divorce. For example, in many cases, before you are married, you can designate exactly what will happen with your business in a divorce via a prenuptial agreement. However, if you are married and have not yet drafted a prenuptial agreement, you can still draft a postnuptial agreement, which functions essentially the same way. Lastly, if you and your spouse jointly own a business, you can draft a shareholder agreement at any time.
Contact our experienced New Jersey firm
Matters of divorce and family law require the attention and skill of an experienced attorney who will fight for your future. Not only is your financial well-being at stake, but in a divorce, both you and your children’s emotional well-being are at risk as well. If you need a divorce and family law attorney in Ocean County, New Jersey, please do not hesitate to contact the Law Office of Sarina Gianna, LLC today to schedule a consultation.