How Can I Keep My Divorce Out of the Family Business in New Jersey?
Divorces are complicated, and even more so if they involve a family business. If you are going through a divorce with a family business, you will need to retain the services of an experienced New Jersey divorce attorney to lay out your options. Continue reading to learn more about how a divorce can impact your business in New Jersey.
What can I do to keep my divorce out of the family business in New Jersey?
There are many ways that spouses can handle their divorce without it getting in the way of their business. Below are three options to consider.
- Continue co-owning the business: Some couples might not find this situation ideal, however, if you can make it work, it may be the best option. If you are able to nourish a professional, co-owning business, then both spouses may be able to keep their places in the business. Furthermore, the valuation of the business does not have to be determined so that it can be decided upon in the marriage. It is important to note that staying in a business with your former spouse means that you will have to be in close contact with them and be able to maintain a good working relationship. If you feel as though this might not work for you and your former spouse, this option may not be best for you.
- One spouse buys out the other spouse’s half of the business: During your divorce, your business will be considered a joint asset, and as a result, will be treated the same way from both a legal and financial perspective. If you are unable to work together, then the business will be divided into two to ensure that both spouses are receiving their fair shares. The first step in this process would be to hire a business appraiser to perform a valuation of your company. Once that has been completed, one spouse can buy the other spouse’s half, or the assets can be leveraged for an even exchange.
- Sell the business: This option might be the easiest when it comes to evading any potential issues. In this situation, the business would be sold, and the final profits would be divided between spouses. However, this might not be the best option for a very successful business that can yield much more profit. In this circumstance, it is advised that you hire an appraiser to perform a valuation of the business to ascertain an appropriate selling price. Despite which option spouses choose, it is always recommended that you work with a team of professionals, including a New Jersey divorce attorney that can help you navigate through this complex process.
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If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.