A Somerset Family Law Attorney With A Background In Business
Family law issues such as divorce combine financial and legal complexities with emotionally charged matters. Legal processes become even more challenging when children, substantial business assets or complex marital estates are present. It is critical to have a family law attorney as your ally to protect your best interests as you enter the next chapter of your life.
At The Weir Law Firm, LLC, attorney Bonnie Weir protects the rights of soon-to-be ex-spouses or divorced parents across Somerset County and the surrounding communities of New Jersey. Drawing from her extensive experience in business, she focuses, in particular, on high-asset divorces and those that may involve the distribution of business assets. She regularly handles complex family law concerns, such as:
- Divorce resolution through mediation or litigation
- Business valuation and equitable division of business assets
- High net worth divorce
- Alimony (spousal support)
- Child support and child custody
- Post-judgment modifications
- Pre- and postnuptial agreements
- Post-divorce enforcement actions
Whether through cooperative mediation or contentious litigation, attorney Bonnie Weir focuses on finding the most favorable resolution. Negotiating fair and amicable settlements is always preferred. However, when the opposing side refuses to negotiate in good faith, she is prepared for trial.
At The Intersection Of Family And Business
A divorce attorney with a business background is a vital ally when navigating the complex process of dividing business assets during a divorce. The outcome of the business interest division will have a substantial impact on your financial security. You need a lawyer like Bonnie Weir, who has worked with business owners, partners and shareholders in a spectrum of industries to facilitate accurate business valuation. Her insight is invaluable when deciphering the intricate details of business ownership, investments and financial statements. She will work closely with you to explore your options regarding buying out your partner’s shares of a business, compensating your spouse for a percentage of the business assets or even dissolving a business.
Frequently Asked Questions About Businesses And Divorce
When there’s an intersection between a family business and divorce, the situation naturally provokes a lot of questions. Some helpful information can be found below:
How do you assess the value of a business in a New Jersey divorce?
Typically, a New Jersey business can be valued using one of three approaches: asset-based, income-based or market-based. The asset-based approach looks at the value of the company’s assets minus its liabilities. The income-based approach focuses on the business’s ability to generate future income and is based largely on past performance and reasonable projections. The market-based approach looks at the value of the business if sold on the open market, based on what other similar businesses have sold for recently. The nature of the business often dictates which approach is likely to generate the truest value.
What parties are involved when determining the value of a business?
The company’s owners are a primary source of information since they will generally have to provide financial documents and company records that speak to the profitability of the business. Professionals like business valuators and forensic accountants may also need to be involved to provide independent assessments and prepare valuation reports.
Do I have to sell my business if I’m getting divorced?
No, you do not necessarily have to sell your business if you get divorced – although that may be a viable option.
What are my options regarding my business if I plan to divorce?
If you have a prenuptial or postnuptial agreement, that can factor heavily into what happens with your business in the divorce. In the absence of those agreements, you likely will have to decide whether you want to sell your share of the business to your spouse, buy your spouse’s share and keep the business, sell the business to a third party and split the proceeds, dissolve the business or remain co-owners with your spouse. Often times a business interest can be offset by other assets subject to equitable distribution.
Attorney Bonnie Weir can help you assess your options for your business so that you can make an informed decision as you move forward with your divorce.
Calm And Objective Counsel To Overcome Family Disputes
Business objectives require logical, objective reasoning. So do family law objectives. During life-changing times when emotions run rampant, sound legal counsel is paramount. Making wise choices while grappling with a new family dynamic may require the guiding hand of a compassionate attorney. In her practice, Bonnie Weir strives to help clients overcome potentially destructive conflicts. She has the skill and experience to take on the complexities inherent in family law while her clients heal and move forward.
Contact Bonnie Weir Today
Reach out to The Weir Law Firm, LLC, today to schedule an appointment. Call 908-333-4002 or send an email.