Divorce is a trying matter that can quickly become more complicated depending on a person’s circumstances. One such matter that can make a divorce overwhelming is when one or both spouses own a business. If the business is considered marital property, its value may be subject to equitable distribution under New Jersey law. This can quickly become a very contested matter, as determining the value of a business is often a hotly disputed subject in divorce. For some, owning a business when getting divorced becomes an invasive process, especially during valuation. Whether you are a business owner or the spouse of one, having effective legal representation is in your best interests. Contact Paone Zaleski & Murphy to assist you in addressing the legal matters at hand.
As stated, the court will need to assign a value to the business if it is considered marital property. The business owner will be responsible for providing financial documents and other records which bear upon the cash flow and value of the business. In some cases, a forensic accountant may be assigned to examine the records of the business. It is not uncommon for two forensic accountants to arrive at different conclusions regarding the business value.
When parties get divorced and one of the parties owns a business, it is essential to have strong legal representation. A qualified attorney can fight to ensure that the business is fairly valued for purposes of equitable distribution. Contact an experienced attorney at Paone Zaleski & Murphy to discuss your case.
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