Are you heading for a divorce or separation but fear that you may lose not just your relationship but also your business? For some couples, a divorce or separation is complicated by the fact that they are joint business owners. Apart from settling their personal property, they must face the hard choice of whether to continue the business relationship or end it. If you are facing a divorce or separation from your business partner, our Essex County divorce lawyers may be able to help you make that break without losing all the time and money you invested in the business.
If you need a divorce attorney in Essex County to help you through a divorce with your business partner, call us at (973) 226-4141 to schedule your free consultation with one of our experienced divorce attorneys.
Like other assets acquired during a marriage, a business involving both spouses is marital property that must be distributed between the parties in a divorce. It is possible for divorcing spouses to come to an agreement on their own, but when they are unable to agree, it is left for the courts to make a decision on what to do with the business. This is typically known as the division of property.
When looking to divide marital property between the former spouses, the court seeks to distribute property equitably, rather than equally. First, the judge must decide what specific property of each spouse is eligible for distribution and then determine the value of the properties. Finally, the judge must decide the most equitable allocation of the property between the parties after giving consideration to a number of factors including:
The court will look at all the factors set out by law and order a distribution of the marital assets based on the unique needs of the parties. This means that marital property will not always be allocated equally to each party. The circumstances of each case will determine what share of the business the parties are entitled to.
When deciding what is equitable in the division of a business, the courts consider tangible and intangible contributions to the business and consider the financial and personal circumstances of the parties. It is up to the parties to provide sufficient evidence to convince the courts as to your contributions to the business. An experienced divorce lawyer will have access to business valuations professionals and work with them to provide expert testimony to support your interests and get you the share that you deserve.
If you are going through a divorce and you are looking for a divorce lawyer in Essex County with experience in divorce for business owners, call us today at (973) 226-4141 or click here to learn more.
At our firm, we understand that your time and money are precious and that your legal needs are unique. When you call Nitti & Nitti, P.C., you will speak directly with an attorney and enjoy the attention of a small firm that possesses the resources of a big firm.
