Valuing and Dividing Businesses in Divorce
If you own a New Jersey business or professional practice, divorce can do more than affect your family relationships. It can also threaten your career and business objectives. This is because the value of a business is almost always subject to equitable distribution between the spouses.
If you find yourself in this challenging situation, the Kingston law firm of Hanan M Isaacs, is a valuable resource. For the past three decades, our lawyers have proven themselves to be strong and determined advocates on behalf of our clients. We have your back in property division matters of all kinds. Whether you own the company, your spouse owns it or the two of you are in business together, we have the in-depth legal and financial understandings required to protect your interests.
Our firm handles cases involving the valuation and division of:
- Family-owned or closely held businesses
- Medical, dental, legal or accounting practices
- Limited Liability Companies (LLCs)
- Limited Liability Partnerships (LLPs)
- S or C corporations
- Sole proprietorships
- Other business structures
Placing an Accurate Value on the Business Is Key
If both spouses contributed to the success of the business, directly or indirectly, then, and regardless of date of startup and irrespective of formal title to the property, the marital portion of the business will likely be considered joint marital property. This means that it will be subject to division between the spouses. The first step is to determine equitable ownership. The second is to place an accurate value on the business. Our law firm works with CPAs, business appraisers and other financial experts to accurately assess:
- Fair market value
- The value of any goodwill associated with the business’s name and reputation
- The contributions (if any) that one spouse made toward increasing the value
- Any business debts or liabilities that would offset the value
In many cases, one party will decide to buy out the other spouse’s interest in the company or professional practice, to keep the business running. Our lawyers are adept at making and supervising the legal and financial arrangements necessary to facilitate such transactions.
Talk to an Attorney Experienced in Complex Asset Division
To schedule a consultation regarding equitable ownership of property, assessing fair market value, and dividing the value of your business or professional practice in divorce, please contact our Somerset County office at 609-683-7400 toll free. You can also reach us via email. Credit cards are accepted (other than Amex), and evening appointments are available by prearrangement.
- Giglio v. Roe, Superior Court of New Jersey, Law Division (2007)
- Isaacson v. Isaacson, 348 N.J. Super. 560 (App. Div.), certif. denied, 174 N.J. 364 (2002)