The distribution of assets can be complex and confusing, particularly when it comes to the division of a business.
In the state of New Jersey, equitable distribution is the legal principle that governs the division of assets and liabilities in a divorce.
It is important for anyone going through a divorce in NJ to understand how this principle applies to the division of a business.
Equitable distribution means that assets and liabilities should be divided fairly, but not necessarily equally, between the spouses.
The court takes into account many factors to determine what is fair.
These factors include the duration of the marriage, the earning potential of each spouse, the contributions made to the marriage, and any other relevant factors.
In the context of a business, this means that the court must consider the value of the business and the contributions made by both spouses.
The value of a business can be difficult to determine, as it is often tied up in both tangible and intangible assets.
For this reason, it is important to have the business appraised by a professional valuator.
The valuator will provide an estimate of the business's worth, which can then be used to negotiate a settlement or as a basis for the court to make a determination (if the case does not settle and must go to trial.)
One option for dividing a business is for one spouse to buy out the other's share.
This can be done through a lump-sum payment or through a payment plan over time.
The value of the business must be determined through an appraisal to ensure that the buyout is fair and equitable.
Another option is for the business to be sold and the proceeds divided between the spouses. This option may be more appropriate if neither spouse is interested in continuing the business, or if it is not financially viable for one spouse to buy out the other's share.
It is important to note that the equitable distribution of a business in a divorce is usually complex and requires the help of experienced legal and financial professionals.
If you are considering separating or filing for divorce, the most important thing for you to do before doing anything else is to learn how to protect yourself, your children, and your assets.
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Steve
Steven J. Kaplan, Esq.
Specializing In Divorce
In Monmouth County
5 Professional Circle
Colts Neck, NJ. 07722
www.KaplanDivorce.com
(732) 845-9010