Business Valuation Attorneys in Hackensack, NJ
When one spouse owns a business or when both spouses own a business, a divorce can become more complicated. The value of a business or an interest in a business acquired during the marriage is considered marital property subject to equitable distribution under New Jersey law. Valuing the business interest requires your attorney to work closely with a forensic accountant and understand the nature of the business, the benefits involved, and potentially evaluate the cash component and other benefits of compensation. Business valuation and knowledge of business intricacies is an area where this firm thrives. Many of our cases involve a business that needs to be properly scrutinized and evaluated to protect either the owner or the spouse of a business owner to assure that the proper value of the business is determined. Whether you are a business owner or the spouse of a business owner, you need strong legal representation to address the complexities attendant to business valuations. Contact the attorneys at Aronsohn Weiner Salerno & Kaufman P.C. today to learn how an experienced business valuation lawyer can assist you.
Determining Ownership of the Business
If you face a contested divorce over the division of assets, New Jersey courts have an obligation to decipher whether it will be considered marital or separate property. Marital property is any asset or debt that has been acquired throughout the course of the marriage or began as separate property and was turned into a marital asset. It can be challenging to determine whether a business is marital property or separate property. If a business began as separate property but the assets became commingled over time, it could be considered marital property. Additionally, if one spouse worked to support the other’s dream of starting the business, it may also be considered marital property. If the court determines that a business is marital property, it must be assigned a value.
Assigning Value to a Business
When a business is considered marital property, it is subject to equitable distribution and must be assigned a value. This can be very complicated and must be done by financial experts. These experts investigate the financial records of the business. There may be situations where the judge orders an inquiry into the appropriateness of business’ expenses. In the event that any discrepancies are found, the matter may be reported to the Internal Revenue Service, which can result in many other issues.
Protecting Your Business
If you own a business and want to ensure that the business is always kept as separate property, you may want to consider a prenuptial agreement that details the business will remain separate property. Another way for you to protect a business to draft a shareholder agreement that details each spouse’s interest in the company, who will obtain ownership if the marriage fails, and more.
Contact a Hackensack Business Valuation Lawyer
If you are thinking about divorce and either you or your spouse own a business, it is important to speak with an experienced attorney who can represent your interests. With so much of your future at stake, retaining the services of an attorney with the skill and knowledge of the divorce process involving a business is critical. To discuss your situation with an experienced team of attorneys that is ready to fight for you, contact Aronsohn Weiner Salerno & Kaufman P.C. today.