Business Owner Divorce in New Jersey | Here is What You Need to Know
If you own a business and are getting divorced, you are most likely wondering about the future of your business. Please continue reading and speak with our knowledgeable Morristown divorce attorneys today to learn more about business owner divorce, what makes it different, and how our firm can help you through every step of the process ahead. Here are some of the questions you may have:
How are business owners’ divorces different?
When a couple gets divorced, their assets are generally subjected to the equitable distribution process, which, simply put, means the courts will decide which spouse is entitled to what assets. Oftentimes, business owner divorce becomes far more complicated because businesses are complicated to divide. Businesses frequently have complex assets, and business owners are generally required to provide various financial documents regarding the business, such as its value, income, liabilities, and debts. Oftentimes, financial analysts or forensic accountants step in to ensure you submit all the necessary information both fully and honestly. If you do not, the IRS may investigate your business, opening you up to a slew of potential legal problems in the future. This is part of why it is so critical that as a business owner, you retain the services of an experineced New Jersey business owner divorce attorney today.
Are there ways to protect my business from a divorce in New Jersey?
Fortunately, there are. If you are someone who owns a business in New Jersey though you are not yet married to your future spouse, you may draft a document known as a prenuptial agreement. Essentially, prenuptial agreements can list several of each spouse’s assets and predetermine what will happen to them, should the spouses ever get divorced. If you are already married, you need not worry, as you can still draft a document known as a postnuptial agreement. Postnuptial agreements largely function the same as prenuptial agreements, however, they are drafted after marriage.
Finally, if you and your spouse jointly own a business in New Jersey, you may draft a document known as a shareholder agreement. Shareholder agreements can outline each spouse’s interests in the company, should they ever get divorced. If you have any additional questions about business owner divorce in New Jersey, you must reach out to our knowledgeable Morristown divorce attorneys today. We are here to help you through every step of the process ahead.
Contact our experienced New Jersey firm
If you are considering a divorce and need an attorney who can effectively represent you through every step you can count on Lazor Rantas, PC. We proudly serve clients throughout New Jersey as they navigate divorce and family law matters. To discuss your case with an experienced legal team, contact Lazor Rantas, PC today.
