The end of your marriage will impact your life in ways that you may not be able to predict. You may have to move, you may see your kids less than you do now and you might have to make financial adjustments. It may also impact your business, if you own and operate a company or have a controlling interest in a business. It is important to know what this process could mean for your business interests now and in the future.
During a New Jersey divorce, all marital property is subject to division. This means that, if your spouse jointly owned the company with you or contributed to its success, he or she may have a valid claim to a portion of business assets. Before any division of property, you will first need to determine an accurate value for your company.
Accurate business valuation
There are times when a small business may be marital property, and the court may determine that a distribution of certain assets is necessary. To divide property accurately and equitably, the first step is to have an accurate valuation of the business. Determining the value of a company is not always easy, and it is often necessary to have professional assistance. Financial experts will look at the assets owned by the company, future projected profitability and business liabilities in order to come to an estimated value of the business.
When a business is at stake, there are several ways you and the other party can address this important asset. You may be able to buy out his or her share of the company, or you may be able to reach an agreement on how to divide company assets in a way that is acceptable to both parties. You have the right to pursue your desired outcome for your business assets in a divorce.
A strong future
As you consider your options during divorce, you will benefit from considering the steps you can take that will allow you to protect your future interests. An assessment of your situation can provide you with insight regarding how you should consider dividing your assets and shielding your company from the impact of the end of your marriage. While it is likely that this process will impact your business, you can make choices that will allow your company to thrive for years to come.
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