Business Division and Divorce Attorneys Bergen County, NJ
Experienced Business Owner Divorce Attorneys in New Jersey
One of the most difficult issues to settle during any divorce or dissolution of a legal relationship process is that of the equitable distribution of marital assets and debt. This process becomes even more complex when family-owned businesses, small businesses, or business holdings are involved.
Unless there is an existing prenuptial agreement or marital agreement in place which specifically addresses the business in question, marital property laws are such that most businesses and business interests will be subject to equitable distribution during a divorce. There are a variety of factors considered when dividing marital assets which ultimately determine each party’s percentage of entitlement to these marital assets. Regardless of the ultimate determination of marital and separate property, equitable distribution will necessitate not only accurate and full valuation of the business, but extensive negotiation as to how it is ultimately divided during the division of assets process.
At The Law Office of Townsend, Tomaio & Newmark, we are committed to helping you through each step of your divorce. Whether this means negotiating your asset division settlement in such a way that protects the full ownership of your business or business holdings, divides them into several independent entities, or sells the business entirely and divides the profits, it is up to you. Contact our firm today to discuss your specific needs and concerns regarding your divorce, the division of assets process, and your options regarding the division of a privately owned business or business holdings in a free and confidential consultation.
Valuing a Business During a Divorce
Before any business or business interests can be divided during a divorce, they will first need to be accurately valued. When it comes to something like a family home, the valuation process can be relatively straightforward. When it comes to a business, however, this process is often anything but.
While most division of asset settlements are final and un-contestable after a divorce, if it is determined that a specific asset was inaccurately valued, either purposely or by a mistake, your asset division agreement can be called into question, and potentially modified after divorce, so it is critical that all of the assets being divided are fully and accurately valued during the divorce process itself in order to avoid expensive, time-consuming, and disruptive legal actions after your initial agreement is reached.
Our Bergen County business division attorneys regularly consult with financial experts such as Certified Public Accountants (CPAs), forensic accountants, investment analysts, and property appraisers to get the most accurate picture of your business’s financial state, its worth, and its potential for future growth. By having the best possible understanding of a business’s financial state, we can more effectively negotiate your divorce’s division of assets agreement in a way that takes the true value of any business or business ownership stake you or your spouse may have into account.
Dividing a Business During a Divorce
Once a business or business holding has been properly valued, the actual division of asset process can begin. All marital assets are divided during a divorce, according to New Jersey equitable distribution law, and critically “equitable” in this case does not mean equal, rather, it means “fair” and “reasonable”.
This distinction allows an experienced division of asset attorney a great deal of freedom when negotiating the final division of a business or ownership interest. For example, a business owner may retain complete ownership and control of his or her business after a divorce in exchange for a monetary payment or payment schedule, or in exchange for assets of relatively equal value, like a home or property. Or, a business can be divided into separate entities, with each party in the divorce assuming ownership over individual parts of the business. The couple may also decide to sell the business and divide the profits. Finally, it is also an option for a divorcing couple to still jointly own and run a family business after divorce, although this arrangement poses obvious complications.
If you have a specific arrangement or goal in mind for the division of a business or ownership stake, speak with our attorneys about your options for securing such a settlement. If you are unsure what the best arrangement may be in terms of the division of a business, our attorneys and financial consultants can provide you with a clear picture of your options, what the consequences to your business or division of asset agreement may be in each scenario, and how to secure the settlement that makes the most sense for you.
Contact Our Business Valuation and Division Lawyers Today
At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients across Bergen County to successfully and favorably resolve their divorce, and their division of assets agreement.
We understand just how important your financial future is to you, and by practicing exclusively family and divorce law, we are ready to provide you with the highly effective, financially savvy, and experienced legal representation you need and deserve when it comes to your divorce, and valuing and dividing businesses and business ownership. To speak with our firm today in a free and confidential consultation regarding your divorce, and your concerns and potential options for the division of a family business or business interest, contact us today.