Individuals in New Jersey who owns a business may face decisions that are unique to their situation upon making the decision to dissolve a marriage. Since a significant portion of a couple’s wealth could be tied up in the business, preparing for negotiations can seem an intimidating task. Business owners who are facing divorce could benefit from seeking guidance on the topics to address concerning the business and the options that may be available to them during negotiations.
In some cases, a business may be considered separate property in divorce and the owner may retain sole possession throughout legal proceedings. However, if the company, or even a portion thereof, is deemed marital property, the business may become a major area of focus during negotiations. When preparing for negotiations, a person may find it advisable to gain a clear understanding of the financial value of the company, as this could prove vital to forming a strategy for what comes next.
It may also be helpful to gain awareness of each party’s interests in the company. In some cases, a person might be able to negotiate a buyout of the other person’s interests or attempt to obtain sole possession of the company by offering other marital assets in exchange. In some cases, a person may also find it helpful to consider the possibility of seeking financial assistance by adding a business partner or selling the business and splitting the profits.
As many owners invest a great deal of time and money into their companies, making a decision on how to handle this asset during divorce can be challenging. Business owners who are going through a similar process could benefit from speaking to a family law attorney in the initial stages of the process. An attorney in New Jersey can provide a client with guidance on all the available options regarding the family business and assist him or her in making informed decisions concerning the future during legal proceedings.