Divorce Involving a Business in New Jersey
The average man in New Jersey faces a difficult road when it’s time for him to divorce his spouse. All the couple’s marital property must be divided, alimony must be determined, and, if they are parents, the couple must decide on a custody schedule for the kids. If you’re a business owner in New Jersey, your divorce will require you to address these challenges and others. Your company is relevant to your divorce because it is considered a financial asset. This asset is different from others because most business owners would never dream of selling their company during their divorce, even if they wouldn’t think twice about getting rid of their yacht or vacation home. You’re likely very proud of what you’ve accomplished in business, whether you’ve built your company from the ground up or have inherited a family business that has stood the test of time.
Does all your success have to come crashing down because of your divorce? We don’t think so. Qualified New Jersey business owner divorce attorneys work with their clients to create solutions that allow them to keep their business running as usual during and after the divorce, without input from their ex-spouse.
Common Concerns for Divorcing Business Owners
If you’re a business owner who is in the process of a divorce, you undoubtedly have many questions:
- How do I accurately value my business assets?
- What should I do to maintain business partners’ confidentiality during divorce?
- If my spouse is the company’s co-owner, how will it affect our divorce?
- How can I keep confidential financial information out of the public record?
- How can I maintain my professional reputation throughout the divorce process?
- What will happen to my retirement accounts?
- My business is financially successful. Will my spouse receive alimony?
- Even with my demanding schedule, I want time with my children. How will custody be determined?
- If I make more money than my spouse, what can I do to minimize ongoing financial obligations once the divorce is finalized?
Our New Jersey business divorce attorneys aim to answer all your questions and make you feel completely comfortable with the steps we must take during your divorce. We’ll keep you informed and allow you to be the decision maker when it comes to important choices.
Going through a divorce is trying and emotionally exhausting for almost everyone. You need a New Jersey business owner divorce lawyer who can work with you to reduce that burden and ensure you are satisfied with the end results of your divorce. The value of your business is irrelevant when it comes to the treatment you should receive from your attorney.
Your Business Is Relevant to the Divorce
Business owners sometimes believe that their company, which they keep completely separate from their home life, will not be financially relevant during their divorce. In fact, your business is classified as a marital asset when dividing property, so its value must be carefully considered. You’ll need an accurate valuation of your company to ensure you don’t suffer unnecessary financial burden, so work with a NJ business divorce lawyer who can connect you to an appraiser and other professionals.
The right attorney can help you maintain your company independently after divorce. However, you’ll need an accurate valuation of your company to ensure you don’t suffer unnecessary financial burden, so work with a business owner divorce lawyer who can connect you to a respected appraiser and other professionals.
Another important factor for many business owners is confidentiality. Your shareholders and business partners don’t want their information made public any more than you do, which means you must work with an attorney who is experienced in business owner divorces and knows how to minimize the information that must be on record.
New Jersey Income Disparities Between Spouses
Alimony is a concern for many men and fathers who are business owners who are getting a divorce. Due to the substantial assets your business has generated, your wife may have chosen a less demanding career, or she may have quit pursuing her own career entirely to raise your children. Without ongoing shared marital assets, these wives often need to reenter the workforce. In the meantime, they will sometimes request substantial alimony. Alternatively, if your wife has been a homemaker and stay-at-home parent for many years, she may request permanent alimony so she is not required to work and can continue to stay home with the kids.
There are several ways to handle this request for alimony, so how you navigate alimony is up to you and your attorney. You can bargain with your spouse using alimony, or you can request that it be completely taken off the table in place of a lump sum payout. The Micklin Law Group’s lawyers for business owners will help you consider all your options.
Divorcing as a Medical Practice Owner in New Jersey
Divorce for New Jersey business owners must be handled very delicately when the business is a medical practice. There is a lot more compliance to consider, which means that many details about the practice should remain confidential. If the practice owner has high-profile clients, they will not want to show up in the news associated with the physician’s divorce. All the steps outlined in the previous sections of this guide are still applicable to medical practice owners, but, as you can see, physicians may also have added stress during their divorce. The Micklin Law Group’s attorneys have decades of experience handling physician divorces, so we’re here to help you overcome these challenges.