No, an order regarding division of property cannot be modified based on a substantial change in circumstances. Unless appealed, these orders are final. Michele E. D’Onofrio is a family law attorney practicing in Warren, New Jersey.
Asset and Property Issues
If both spouses co-own a business together, how will it be divided?
In a scenario where both spouses are involved in the business, you certainly have a lot more support to argue that the business should be equally divided based on their circumstance. The decision on who is going to keep it really depends on who wants it. Typically, there is one spouse who runs the day-to-day […]
I inherited $300,000 and used a portion of it to buy a car. Is this car my separate property?
Can you get a divorce without having to divide marital assets and debts?
When you seek to obtain a divorce, the court will consider all of the issues of the marriage, and the divorce will occur after all open issues are resolved. Abigale M. Stolfe is a partner at Stolfe Zeigler, a boutique family law firm that obtains favorable outcomes for high-net-worth, complex, and litigious cases.
Is there a potential dollar value that makes it worthwhile to hire a forensic professional?
The answer is most likely no. The decision to hire a forensic expert depends on the facts and circumstances of each case, each individual, and what they are hoping to achieve. Whether the assets of a marriage are $2 million or $50 million, those individuals that are part of that marriage want to be sure […]
Can a business owner use the company’s accountant to value that business?
They can, but they should not because, typically, accountants that represent businesses and create their financial statements and file their tax returns are not forensic accountants, who are skilled and trained in the field of valuing a business for the purpose of divorce. In a case where someone insists that they want to use an […]
Is it common for a business owner to try to hide or downplay assets during a divorce?
Most people don’t try to hide assets. However, it’s fair to say that when you own a business and you are getting divorced, you want the value to be as low as possible, because the value of the business will ultimately determine the amount of money you owe the other spouse. Trying to have value […]
How can a business owner protect their company during divorce both financially and from disruption?
The easiest way to protect your company is to cooperate, disclose, and provide the documentation that is requested by the other side. Oftentimes people think that a refusal to produce a document or a refusal to be cooperative will somehow eliminate your obligation to provide that information. On the contrary, all that conduct does is […]
How are business assets divided during a divorce in the state of New Jersey?
A business in New Jersey would typically be divided with the non-owner spouse receiving less than 50% of the market value of the business. The reason for that is, there are cases that have evolved over the years that have established or stand from the proposition that when someone’s business is valued for divorce, there […]
What advice would you give to the financially inexperienced spouse of a business owner or executive?
The work that would be required of the professionals representing the non-owner spouse is a little bit different than those representing the owner spouse. Remember, when you are representing the person that runs the business, you are in control and you have all of the information that exists. When you represent the non-titled spouse, you […]
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