Can a Divorce Attorney Protect My New Jersey Business?

There are few things more important to a business owner than his or her business. For many, their business is more than just the way they make a living; it’s a source of pride, something they built from the ground up. If you’re a business owner and are about to get divorced, you’re most likely hoping to protect your business in any way you can. Please continue reading and reach out to an experienced Bergen County lawyer from Aronsohn, Weiner, Salerno & Kaufman to learn more about a divorce attorney can help protect your business. Here are some of the questions you may have:

Can a Divorce Attorney Protect My New Jersey Business?

Can an attorney protect my business from a divorce?

The first thing you should understand is that without a prenuptial or postnuptial agreement in place, if courts determine your business is marital property, there’s a chance your spouse will be entitled to at least a portion of your business, even if he or she didn’t directly contribute to it. For example, if your spouse stayed home and raised children, did grocery shopping, did chores around the house, or otherwise contributed to the home and made it possible for you to run your business to the best of your ability, there’s a strong chance that courts will award a portion of your business or the monetary equivalent of its value to your spouse. That said, hiring a competent divorce attorney can absolutely boost your chances of retaining as much of your business’ value as possible.

How do courts determine how much a business is worth in New Jersey?

Once courts determine that a business is marital property, they will set a value to the business so it can be distributed between both spouses in what they view as an equitable manner. As you may know, calculating exactly what a business is worth isn’t always straightforward, as they will have to account for your yearly revenue, any debts or liabilities, and more. Often, courts are unable to do so on their own, and so they will employ outside parties, such as forensic accountants, to investigate the business and make a conclusion as to its value. Once a value is ascribed to a business, the court will distribute that value between each spouse.

If you have any further questions about business owner divorce or how our experienced legal team can help, give us a call or contact a Bergen County divorce lawyer from our firm online today.

Contact our experienced New Jersey firm

We understand how confusing certain legal issues can be, which is why we are dedicated to providing individuals with the compassionate and knowledgeable legal representation they deserve. Aronsohn, Weiner, Salerno & Kaufman has helped clients with various difficult legal challenges for over 40 years. We know we have the experience needed to do the same for you. For experienced legal counsel regarding family law, litigation, business law, real estate, and criminal law, you know where to turn–contact Aronsohn, Weiner, Salerno & Kaufman today to schedule a consultation.