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Will I Lose Part of My Business in a Divorce?

Will I Lose Part of My Business in a Divorce?

If you own a business, you most likely take great pride in all you’ve accomplished. That is why if you are getting a divorce, you are most likely very worried about the fate of your business, and whether you will be able to keep it. Please continue reading and speak with our experienced New Jersey divorce attorney to learn more about business owner divorce and how our firm can help you. Here are some of the questions you may have:

Is a business considered marital property?

When speaking in terms of divorce and family law, there are two main types of property: marital and exempt property. Exempt property deals with assets obtained before or outside of a marriage, such as inheritances or gifts. Marital property, on the other hand, essentially includes all other assets, including the marital home, retirement plans, and yes, oftentimes, businesses. This means that if you own a business, there is a very good chance it will be subjected to equitable distribution in the divorce process. That is why you need an experienced attorney who can fight for what is rightfully yours.

How do NJ courts value businesses?

If you are going through the divorce process as a business owner, New Jersey courts will seek to value your business so it may be distributed equitably between you and your spouse. To do so, they will closely examine all of your business records, sometimes employing financial experts for assistance. They will analyze your revenue, your debts, your yearly expenses, and more. If the courts find any inconsistencies on your part, whether intentional or not, there is a very good chance it will launch an investigation by the IRS into your business. Our firm can ensure you submit all the necessary information so this does not happen.

Can I keep my business in a divorce?

Many spouses are glad to learn that they can, in fact, protect their businesses from divorce by signing certain agreements with their spouse. For example, you may sign a prenuptial agreement before marriage detailing what will happen with your business, should you divorce. If you are already married, you can draft a postnuptial agreement that essentially serves the same purpose. Finally, if you jointly own the business with your spouse, you may draft a shareholder agreement. No matter your circumstances, our knowledgeable Ocean City divorce attorney is here to help.

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.

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