Business owners who are facing a divorce may worry about their business and how the divorce may affect it. To learn more about business owner divorce, continue reading and reach out to our experienced divorce attorney who will walk you through the steps of the legal process ahead.
Can my spouse get part of my business in a divorce?
New Jersey courts will typically break property in a divorce into two categories: marital property and separate property. Separate property is the property that was acquired before or outside of the marriage such as a gift or inheritance. Marital property refers to property that was acquired during the marriage.
If your business was created after you were married, it will likely become marital property. Martial property is included in the equitable distribution process. However, it is important to understand that even if your business was started 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. This is why it is so important to have a skilled attorney in your corner throughout the distribution process who will fight with your best interests in mind. Contact our firm to learn more.
How will my business be valued in a divorce in New Jersey?
In order to assess your business to give it a value, courts will often hire financial experts. The value of your business will be based on the following factors:
- Your businesses’ expenses
- Your businesses’ revenue
- Your businesses’ debts
Once the value has been determined, the court will then assess what portion of your business may go to your spouse. Throughout this process, it is important that you provide the courts will the entirety of your financial situation. If you fail to do so, the court will likely report any inconsistencies to the IRS which can trigger a slew of potential legal issues. This is why many business owners who are facing a divorce will hire an experienced attorney who will walk them through this process. They will ensure that the documents you submit will be submitted accurately and completely to avoid complications don’t the road.
Contact our experienced Ocean City 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.