Business Owner Divorce
If you are considering divorcing a spouse who owns a business, the legal complexities involved may feel overwhelming. You want to ensure your family’s financial livelihood remains intact. You need to make sure the business is properly appraised. Fortunately, with the help of a skilled divorce lawyer, you can feel confident all business-related aspects are appropriately handled.
Not every New Jersey family law attorney is equipped to handle the complex tasks associated with valuing and dividing a business during a divorce. At Graziano & Flynn, P.C., our lawyers have years of hands-on experience handling all complicated aspects of divorce, from child custody matters to dividing the assets of a business. Let our knowledgeable counsel help you get and protect your fair share. From our office in Cherry Hill, NJ, we serve clients in and around Burlington and Camden Counties.Is the Business Marital or Separate Property?
You may run into many challenges when a divorce involves a business in NJ. One of the initial concerns is whether the business itself is considered marital or separate property.When the Business is “Marital Property”?
Marital property includes assets and property acquired during the marriage. This often includes money in savings accounts, your home, your vehicles and a business. In New Jersey, marital property is subject to equitable distribution during a divorce. While this doesn’t necessarily mean the business will be split 50/50 between you and your ex, you may receive some equitable interest in the company or a portion of the proceeds from the business’ sale.When the Business is “Separate Property”?
Separate property typically includes assets acquired before your marriage. Certain property that was acquired during the marriage – such as an inheritance – may not be considered marital property. If your spouse started the business before you were married, it may be considered separate property. However, even a previously owned business could have some aspects that are equitably distributable, depending on the circumstances.
This is a complex area of family law. Therefore, it’s critical that you consult with a knowledgeable NJ family lawyer who is well-versed in equitable distribution of businesses. Ron Graziano will make sure the business is correctly valued and that you get to keep the portion of the asset you deserve.
Additionally, if you are entitled to alimony, the business still needs to be accurately valued to determine how much spousal support you will receive. Further, the value of the business may affect how much child support your spouse must pay after the divorce. It should also be noted, if the company was founded before the marriage or through an inheritance during the marriage, its appreciation in value may actually be considered marital property and subject to equitable distribution. This means you may be entitled to receive a portion of the business’ increase in value since the start of your marriage.
Again, Mr. Graziano understands that while you didn’t start the business, or even possibly work there, your involvement in taking care of the home and family certainly contributed to your spouse’s ability to grow the company. You deserve of piece of that equity. Graziano & Flynn will fight for your rights and financial interests.Valuing Your Spouse’s New Jersey Business During Divorce
Whether the business is marital or separate property, the company still must be accurately valued during the divorce process. This is a major challenge for many couples. Camden County and Burlington County family law attorney Ron Graziano of Graziano & Flynn knows the laws when it comes to business asset valuation and equitable distribution between divorcing spouses. Since there is no precise formula when determining a business’ value in New Jersey, it’s extremely important you choose a lawyer, like Mr. Graziano, who is fully knowledgeable about the factors commonly taken into account by a court.
For example, Mr. Graziano will explain how the following issues may impact how the business will be valued and, subsequently, divided between you and your soon-to-be-ex. It’s fully understandable if you don’t know what these issues are all about; with Mr. Graziano on your side, you can rest assured your interests will be protected.
- Closely held business
- Income or capitalized method
- Market method
- Cost approach method
- Fair value
Don’t risk getting less than you deserve. Contact Ron Graziano today for a consultation. He has been helping clients get their share of what’s fair in divorce for many years.Experienced Family Lawyer Ron Graziano Leaves No Stone Unturned When Your Divorce Involves a New Jersey Business
When reviewing the business your spouse owns, your attorney may take some additional steps to see how much money you may be entitled to as part of your divorce settlement. Ron Graziano has represented countless clients in South Jersey, including Haddonfield, Medford and Voorhees, when it comes to making sure they are protected financially. He will investigate the following issues on your behalf:
- Prenuptial Agreement. If you and your spouse signed a pre-nuptial agreement, this might affect the amount alimony you may receive.
- Part-Ownership. On paper, do you own any part of the company? Do you want to retain a stake in the company or do you want your spouse to buy you out? Mr. Graziano can advise you about these issues.
- Mixed Finances. If your spouse combined business and personal finances, this could also affect the outcome of your case – perhaps in your favor.
- Hidden Assets. Do you suspect your spouse hid money taken out of the business? We’ll use special investigative tactics to uncover any assets you suspect your spouse has hidden.
- Unreported Income. If your spouse accepted payments “under-the-table” or otherwise did not report some income to the IRS, we’ll do everything in our power to assess the value of his or her unreported income for your benefit.
- Sale of Business. If your ex-partner decides to sell the company, Mr. Graziano will make sure you get a fair share.
As a business owner, you have invested untold amounts of time and money to establish your company and help it grow. Now, faced with a divorce, you are worried about losing all or part of the business to your former spouse in a property settlement.
At times like these, business owners in Camden County, Gloucester County, Burlington County and throughout New Jersey turn to the law firm of Graziano & Flynn, P.C. Our attorneys have nearly 80 years of combined experience resolving issues related to business valuation and asset protection in complex divorce matters. Ron Graziano, the firm founder, was a certified trial attorney for over 25 years.
To talk to a New Jersey business owner divorce lawyer about how to protect your company when your marriage ends, please call 856-499-4351 or toll free 866-948-7568. You can also send us an email and we will respond promptly.Accounting for and Protecting all Types of Business Assets
When representing a business owner in a divorce, much of the work for an attorney revolves around making sense of portfolios of business assets and liabilities. This process requires a lawyer to be very detail-oriented and thorough — traits that our attorneys possess. We identify and value all relevant property, including:
- Trade secrets and intellectual property
- Business goodwill
- Commercial real estate
- Business loans and debts
Over the years, Graziano & Flynn, P.C., has built relationships with reliable financial experts whose skills and opinions are valuable in business owner divorce cases. Our network includes actuaries, business valuation experts and tax specialists who help us calculate a company’s real net worth and then create plans to ensure its continued viability post-divorce.
In addition to property concerns, we help business owners resolve critical issues of child custody, child support and alimony. We seek outcomes that are in the best interests of the child, with the hope that the child will have a strong relationship with both parents.Contact an Experienced Cherry Hill, NJ Divorce Lawyer Who Will Protect Your Financial Interests
Don’t wait to get a highly qualified lawyer from Graziano & Flynn, P.C. in your corner. Contact us today to learn how we use our legal savvy and extensive knowledge to resolve your divorce quickly and effectively. Located in Cherry Hill, NJ, Graziano & Flynn serves clients throughout Camden County, including Mt. Laurel, Moorestown, Haddonfield, Medford, Voorhees, Pennsauken, Willingboro, Cinnaminson and Evesham.Contact a Cherry Hill Lawyer for Business Valuation Help
Graziano & Flynn, P.C., is equipped to handle even the most complex divorces. To schedule a consultation with our New Jersey lawyers, please call 856-499-4351 or toll free 866-948-7568. You can also send us an email and we will respond promptly.