The Complex Process of Divorces Involving Business Owners
Business owners and their spouses have unique concerns when they divorce. The business must be accurately valued. Simply determining the value of a family-owned or closely held company can be a topic of major dispute. There are likely other factors, such as the tax considerations associated with a divorce, and the terms of a prenuptial agreement. All in all, this is an extremely complex process. The best way to ensure you will be treated fairly is to work closely with experienced divorce lawyers who can anticipate and account for these and other factors.
You can trust in the knowledge and experience of Shimalla, Wechsler, Lepp & D’Onofrio, LLP. Our attorneys are well-versed in these issues. Whether you own a business, your spouse owns a business, or if you and your spouse jointly own a business, we will effectively represent your interests.
Valuing A Business and Creating Sensible Property Distribution Arrangements
The first question that must be answered in a divorce involving a business is determining whether the business is part of the marital estate. In some cases, the business is separate from the marital estate. In these situations, the income from the business may have to be determined for support purposes.
If the business is part of the marital estate, the next step is to determine its value. Our law firm works with business valuators in the specific field who can provide an accurate estimate of the company’s value. For closely held companies, there are different methods to determine the value of the company. Of course, the other spouse will likely enlist its own expert, who may have a differing view of the company’s values. Our attorneys are ready to make a strong case on your behalf.
Once the businesses’ value has been determined, the next step is to work out an equitable distribution of assets. If you are the spouse who owns the business, you may be required to give up a larger share of marital assets to ensure an equitable distribution of property. Whether your case is eventually resolved in negotiations, alternative dispute resolution or litigation, we will be at your side each step of the way.
Contact Shimalla, Wechsler, Lepp & D’Onofrio, LLP
Please call our Warren Township, New Jersey, office today at 908-922-4238 to arrange an appointment. You may also contact us online. Our divorce attorneys represent clients across Somerset, Hunterdon, Middlesex, Union, Morris, Monmouth, Mercer, and Essex counties, and beyond.