Whether you own a small family business or a large corporation, if you’re getting divorced, there’s a strong chance at least a portion of your business is at stake. Business owners going through the divorce process need a competent and aggressive Bergen County, New Jersey business owner divorce lawyer in their corner. Our firm is here to help. Contact HD Family Law today to learn more.
Business Owner Divorce Lawyer Serving Clients in Bergen County, New Jersey & NYS
Your business is probably your largest asset, and if you’re getting divorced, you most likely want to protect it. Our firm is dedicated to helping business owners through the divorce process. Turn to a Hackensack, New Jersey divorce lawyer from our firm today.
Are Businesses Considered Marital Property?
When a couple gets divorced, especially without a prenuptial agreement in place, courts will have to determine which property is marital property and which property is separate property. Marital property is subject to equitable distribution, meaning it may be divided in a divorce, while separate property, typically, is not subject to equitable distribution. Marital property involves all property acquired during a marriage, while separate property involves property acquired prior to or outside of a marriage, such as gifts.
In most cases, businesses are considered marital property, even if your spouse has no hand in running/operating the business. Often, even businesses started prior to a marriage may be considered marital property in a divorce. For example, if your spouse stayed home, raised children, handled daily chores, or otherwise contributed to your success by giving you more time to focus on your business, courts will likely consider your business marital property, meaning it will be eligible for equitable distribution.
Hiring a Business Valuator
Equitable distribution is the process by which courts determine which spouses are entitled to certain assets after a divorce. Before distributing assets, however, courts must have an accurate and complete report of each assets’ value. Businesses are notoriously complex to set a finite value to, so business owner divorces frequently require the services of a business valuator, like a forensic accountant. Our legal team has significant experience working alongside various experts in the field, and we can put this experience to work for you.
Protecting Your Business from Divorce in New Jersey
As a business owner, you’re probably looking to do everything you can to ensure your business and its assets stay in your possession. Fortunately, you do have options. If you’re not yet married, you can draft a prenuptial agreement and outline exactly what will happen to your business, should you get divorced. If you’re already married, you can draft a postnuptial agreement, which serves the same purpose. Spouses who co-own businesses can draft shareholder agreements that can detail each party’s interest in the business. Finally, if you haven’t any of the aforementioned agreements in place, your best line of defense is a competent and aggressive Bergen County, New Jersey business owner divorce lawyer.
Contact an NJ Business Valuation Lawyer Today
If you need an attorney you can trust to effectively represent you and protect your business, you’ve come to the right place. We are here to fight for you. Contact HD Family Law today to schedule your initial consultation with our experienced legal team.