Dividing a Business in Divorce
Are you a business owner that is considering divorce? Watch this video to learn how dividing a business in divorce is handled in New Jersey.
How is a business divided in divorce?
If you’re here, you’re probably considering a divorce in New Jersey. If you own your own business, you might very well want to know how that business will be treated in your divorce process. Generally speaking, if you started your business during the marriage, your business will be considered a marital asset and your spouse will have a claim to some of the business. If, however, you started your business prior to your marriage, you can argue that your business is exempt and your spouse is not entitled to share in the value of your business.However, if your spouse contributed in some ways towards your business during the marriage, they might be entitled to some percentage share of the business. This doesn’t mean they can come to your stockholders meetings and tell you how to operate your company; it only means that there has to be some type of financial consideration given to them for whatever value is apportioned to them.
Are you or a loved one thinking about leaving a marriage and have questions about dividing a business in divorce? Contact New Jersey divorce lawyer Bart W. Lombardo for a free confidential consultation and case evaluation. Let our experience work for you.
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