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.