Business Owner Divorce in New Jersey | What You Should Know

Modifications to Alimony and Child Support, What You Need to Know

When someone owns a business, their business is one of their top priorities in life. Of course, if you are a business owner and you are going through the divorce process, saving your business from your divorce will also be one of your top priorities. Our firm is here to help. Read on and speak with our New Jersey divorce attorneys to learn more about how business owner divorce works in New Jersey and how our attorneys can assist you through every step of the legal process ahead. Here are some of the questions you may have:

What happens if I am a business owner and get divorced in New Jersey?

When someone gets divorced, courts will generally break their property down into two categories: marital property and separate property. Generally, separate property is all property that was acquired prior to or outside of a marriage, such as an inheritance or a gift. Marital property, on the other hand, is property acquired during the course of a marriage. If you started your business after marriage, your business will most likely be included in the equitable distribution process. However, even if you started your business before you were married, your business may become marital property over the course of your marriage, even if your spouse was not directly involved in your business. This means that if you get divorced, there is a very good chance that your business will be subject to equitable distribution.

How are businesses valued in a divorce in New Jersey?

In many cases, courts will hire financial experts to assess your business and give it a value based on your business’s expenses, debts, revenue, and more. From there, the court will assess what portion of your business may go to your spouse. You should understand that at this time, it is critical that you disclose all financial information regarding your business, for if the courts notice any discrepancies, they may report them to the IRS. This can make matters far more complicated. Our firm can work to ensure that you disclose all necessary information and fight for what is rightfully yours. If you have any other questions, please give our knowledgeable New Jersey divorce attorneys a call today.

Contact our experienced Bergen County firm

At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee. To speak with our team of divorce lawyers today in a free and confidential consultation regarding your concerns about your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.

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