Protecting The Business You Worked To Build
Divorce affects nearly every aspect of your life. When a family business is involved, people often worry about how business assets will be divided. The answer to this concern can be complicated, depending on your circumstances.
At Weisberg & Klauber, LLC, our attorneys have decades of experience assisting divorcing business owners to successfully and cost-effectively divide their business interests. We understand the complexities surrounding such significant assets and will represent your interests throughout the divorce proceeding.
Determining Marital Versus Separate Property
Your family business must first be determined as marital or separate property. New Jersey’s equitable distribution guidelines state that marital property must be fairly divided.
If you and your spouse are co-owners or both have active roles, it will be considered marital property. The exception might be if you started the business prior to marriage, you inherited it or there are other unique circumstances involved.
Once the business is determined to be marital property, it must be properly valued. The process of accurately assessing the true value of your business is complex. Our attorneys can assist in valuing your business, enlisting the help of experts to arrive at an accurate value.
The Process To Divide The Business
There are several options to divide your business:
- Spousal buyout: With this option, one spouse will buy out the business shares or interests of the other. Proper business valuation is crucial to ensure a fair buyout.
- Both spouses retain ownership: This option may work best if the marriage ends amicably or if both parties wish to keep the current structure of the business intact.
- Sell the business: In some cases, both spouses may decide that either selling to a third party or liquidation is best. After the sale, assets are equitably split.
The right option for your business will depend on its structure, both spouses’ active and nonactive contributions and more. Throughout the property division process, we will represent your interests and help you make a strategic decision that protects your business.
Consult With An Experienced Property Division Lawyer
You have put years of time and effort into your business. Do not let a divorce diminish that hard work. Schedule a consultation with Weisberg & Klauber, LLC, at our Ocean Township or New Brunswick offices to learn how we can assist. Contact us by calling 732-686-6440 or by emailing us.