Protecting Business Interests During Divorce
When a business owner faces divorce, one of the most critical issues is what will happen to the business. That is when you need someone in your corner who has extensive experience in family law, commercial litigation and business law.
At The Weir Law Firm, LLC, attorney Bonnie Weir has all three. From her office in Bridgewater, she uses her skills to assist clients with the issues involved in dividing a business interest as part of equitable distribution. With over 30 years of experience in a wide range of legal fields, including family law, she knows how to protect either side’s interests during the process, starting with an understanding of New Jersey marital property law and a proper valuation of the business.
Is The Business Marital Property?
In New Jersey, the court will only divide marital property in a divorce. Martial property consists of anything the couple acquires either individually or together during the marriage. A possible exception to this rule is an inheritance or a gift from someone other than the spouse. Separate assets are not divided in the divorce and include assets purchased prior to marriage or after filing for divorce. They can also include assets excluded through a prenuptial agreement. If you or your spouse started the business during the marriage, it may be divided as marital property.
New Jersey is also an equitable distribution state, which means that the court divides marital property in a manner that is fair and equitable. This gives the court some discretion to determine what is fair and equitable in any given case. Often, that does not mean an even split.
What Is The Value Of The Business?
Determining the correct value of a business is both important and complicated. A professional business valuator or forensic accountant who can assess your business is crucial. There are often several methods to choose from in determining value. If you and your spouse cannot agree on a method, the court may end up choosing one for you.
After your business is valued, Bonnie can review options with you to determine creative solutions if you wish to retain the business and use other assets to offset a distribution interest. Whether you own the business or you are seeking an interest in your spouse’s business, Bonnie understands your rights and will make sure that a proper valuation will maximize your benefit.
Secure Your Financial Future
Much is at stake during your divorce and how you divide your business could play a large role in your financial future. Take the first step to protecting that future by contacting The Weir Law Firm, LLC, to schedule an appointment. You can call 908-333-4002 or fill out the online form.
Existing clients please call 908-575-0185.