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Divorce For Business Owners In Essex County

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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.

Why Choose A Divorce Attorney From Nitti & Nitti?

  • We have over 30 years of experience helping people find solutions to their complex family situations.
  • Our Essex County family law lawyers understand how demanding and emotionally exhausting divorces can be. For this reason, we provide skilled counsel with a personal touch, working closely with you to protect your interests and create customized solutions.
  • Our goal is to help you resolve your concerns in an efficient and effective manner – without wasting your valuable time and money.

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.

Can a Business Be Marital Property?

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. 

What Share of the Property Can Each Party Expect?

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 duration of the marriage or civil union
  • Any written agreement, such as a prenuptial agreement or partnership agreement, made by the parties before or during the marriage
  • The economic circumstances of each party at the time of the division of property becomes effective
  • The contribution of each party to the acquisition, dissipation, preservation, depreciation, or appreciation in the amount or value of the business.

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.

How Can a Specialized Divorce Lawyer Help You?

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.

Contact An Essex County Divorce Lawyer To Protect Your Business

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.