Divorce for Business Owners

Somerset County Divorce Attorney for Business Owners

Divorce Guidance for Business Owners in Morris, Union, Middlesex, & Essex Counties

Many individuals in New Jersey or elsewhere have put years of planning and work into cultivating a successful business. When the owner of a business is facing a divorce, he or she might have concerns about the impact a similar situation might have on the future of the company. There may be several options to consider during this period that might help one keep the longevity of the company intact.

If you are a business owner going through divorce in Somerset County, please contact our business owners divorce attorneys to begin discussing your situation today. You can contact us online or by calling (908) 259-6673. Also serving clients in Morris County, Union County, Middlesex County, & Essex County.

Understanding Marital Property and Your Business

Even if a person owned the business before marriage,at least a portion of its worth may be considered marital property, especially if it increases in value throughout the relationship.

How Business Interests Are Divided in Somerset County Divorces

Traditionally, there are three methods a couple will pursue when distributing a business interest, which include but are not limited to the following:

1. Buy out your spouse’s interest in the business
- The most common method used is where one spouse buys out the other spouse’s interest in the business. This method will only be successful if the buying spouse can appeal to the selling spouse’s price with liquid assets.
2. Enter a co-ownership
- Another way to distribute a business asset is to enter a co-ownership, where both parties own the business together. Another method would be where one spouse continues to run the business while the other agrees to accept payments from future business proceeds to satisfy his/her share of marital assets. Co-ownership is typically most effective when the couple had an amicable divorce.
3. Sell the business and divide the proceeds
- If neither of the two methods listed above are viable ways to distribute the business interest, the next move may be to sell the business and divide the proceeds.

Impact of Divorce on Your Business Operations

If the business is a marital asset that you must divide - If the business is identified as a marital asset, the marital value of the business will need to be determined. The non-business owner has the right to know what the business is worth and what their share should be. Therefore, as the business owner, you will be required to buyout your spouse’s share of the business if you do not wish to share it with him/her.
If you wish to co-own the business after divorce -If you co-own the business with your spouse, you will need to determine if you can continue to work together or if one party should buy out the other’s share.

FAQs About Business Ownership and Divorce in Somerset County

Question: What Is a Business Valuation?

Answer: A business valuation is a process used to estimate the economic value of an owner’s interest in a business. It is determined by a third party, such as an accountant or valuation team who will review your business records to determine the value of your business. Future earnings will be considered as well.

Question: Who Determines the Division of Business Ownership During a Divorce?

Answer: A judge will be responsible for determining how the business will be divided in a divorce. Therefore, it is important to provide the judge will as much information as you can about how the business operates. It is possible the business could be granted to one spouse, but it is more likely that it will be divided between both spouses, especially if both parties have been in business for awhile together.

Question: What Happens to an Inherited Business in a Divorce?

Answer: If you inherited a family business from your parents or another family member, your spouse is typically not entitled to half of the business assets. If you allowed your spouse to be involved in any business proceedings or included him/her on payroll, he/she may be entitled to some assets. If the business grew as a direct result of your spouse’s involvement, this will be taken into consideration by the court when determining asset division.

Schedule a consultation with our Somerset County business owners divorce attorneys online or via (908) 259-6673 to protect your business or your right to your spouse’s business today.

Contact Us Today

We Are Ready to Fight for You

First Name
Last Name
Phone
Email
Are you a new client?
How can we help you?
By submitting, you agree to receive text messages from Lane & Lane, LLC at the number provided, including those related to your inquiry, follow-ups, and review requests, via automated technology. Consent is not a condition of purchase. Msg & data rates may apply. Msg frequency may vary. Reply STOP to cancel or HELP for assistance. Acceptable Use Policy

Lane & Lane truly has their client's backs, and we are so grateful to them.
“Lane and Lane LLC is highly professional and stands out from the rest! Not only are they reliable, so your mind is at ease that they will get the job done, but they are personable and have their client's best interest at heart. Lane & Lane truly has their client's backs, and we are so grateful to them.”

- Antonella B.
They are honorable attorneys that stand firm for their clients.
“As a local divorce lawyer, I have had a few cases with Lane & Lane. They are honorable attorneys that stand firm for their clients. As a divorce lawyer, you will respect those adversaries who are tough but fair. That perfectly describes this firm. Their clients are lucky to have them. The firm also does a great deal for the local community. They are first-rate and true gentlemen. They also have great staff.”

- Carl T.
I was very pleased and left with peace of mind.
“Eric is very thorough and he makes sure that your needs are heard and met. I highly recommend Eric Lane for your legal needs.”

- Chandra
Very professional.
“I have used Lane & Lane and I was very happy with the way they handle my case. Very professional. I would recommend Lane & Lane to anybody that needs a good divorce lawyer.”

- Emilio R.
Their staff is well trained, always friendly and easy to work with.
“As a local mediator/attorney, I have worked with Lane and Lane for years and send them clients. They are always prepared, know their files and respond to emails and letters as needed. Their staff is well trained, always friendly and easy to work with. They can handle even complex and difficult cases.”

- Joan G.
He handled my case with the utmost professionalism and sincerity.
“I highly recommend hiring Daniel Lane to represent you with your legal matters. He handled my case with the utmost professionalism and sincerity. I found him to be highly attentive and knowledgeable to reach a positive resolution with my legal issue.”

- Former Client
He was able to explain everything in detail and always put us at ease.
“Excellent Experience. Daniel Lane was very helpful and readily available. He was able to explain everything in detail and always put us at ease. He made us feel like family and handled our case as if it was his own personal family matter. Awesome lawyer. Highly recommended.”

- Kaajal R.
Eric always went above and beyond to help me during a very difficult process.
“Eric took the time to listen to my concerns and helped me to make informed decisions based on my situation.”

- ZP

View All Reviews

A Resolution Is a Step Away

Let us devote our time to your case that can range from divorce, child custody, equitable distribution, domestic violence, and more. We are committed to find an end solution that you and your family can walk away from with peace of mind.

About Our Firm

Somerville Office 908-259-6673

Locations

Somerville Office
84 East Main Street
2nd Floor
Somerville, NJ 08876
Map & Directions
Morris Plains Office
101 Gibraltar Drive, Suite 2F
Morris Plains, NJ 07950
Map & Directions

Follow Us