What Should I Do If My Spouse & I Own a Business & we’re Getting Divorced?

Tackling the unique issues of divvying up a company

Property division is one of the most contentious issues in a divorce. It is difficult enough when it involves more straightforward assets such as real estate, cars and money. If you or your spouse own a business, alone or together, splitting it can be complicated.

At Murano & Roth, LLC, our attorneys understand the special issues surrounding business asset division in New Jersey. Our broad experience includes helping couples negotiate the split of businesses owned separately before the marriage and businesses launched during the marriage. We help value the business and create unique strategies for fairly dividing the asset and each spouse's interest in it.

Marital versus non-marital assets

To begin, a business started by you or your spouse before marriage may not be considered a marital asset and may not be divided during the divorce. Income from that business, however, is almost always considered when awarding child support and alimony.

Generally, a business started during the marriage is a marital asset and its value must be placed in the pot of assets to be divided in the divorce. If you and your spouse own the business together, dividing the asset can be tricky. It is possible for each of you to continue operating the business. With special agreements that protect your interests and decision-making authority, it is possible for couples divorcing amicably to make this work.

If this is not your best option -- which is often the case -- the business can be divided in a few ways. We might be able to sell the company and distribute the proceeds or arrange to allocate the entire company to one spouse and compensate the other spouse with other marital assets or via future payouts. There are numerous ways to structure this and we can work with you to develop the best possible plan.

The value of the business is a matter of great concern in a divorce. Our attorneys have the experience and resources to obtain an accurate value of your business.

Helping business owners stay successful during and after divorce

Business owners face special difficulties in a divorce. You do not have to wade through the asset division alone. Contact Murano & Roth, LLC online or at 201.265.3400 to discuss your case with highly credentialed lawyers. We offer a free 30-minute consultation.

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