It’s never required that the parties engage in a business valuator, the parties agree to valuations. Unfortunately those agreements are not as forthcoming or as frequent and forthcoming as we might like. There are ways of looking at business value without hiring and obtaining the opinion of a business valuator. Give you an example of […]
Business Valuation and Divorce
How are business assets divided during a divorce in New Jersey?
There is no set formula to divide a business. There are many factors that determine what each spouse will receive equitably. If the business is evaluated the supportive non-ownership spouse will likely receive a percentage, but the percentage is subjective to numerous factors including the type of business, tax consequences in the event that the […]
If a couple owns a business, is it necessary to hire a business evaluator?
The first step is to evaluate whether the business is a marital asset or what portion of the business is a marital asset. Was the business gifted to one of the parties before or during the marriage, or has it grown during the marriage? Was a premarital business and the parties invested into it during […]
If spouses co-own a business, how will it be divided on divorce?
Before we talk about parties continuing to co-own the business, we need to identify what kind of business it is. Is it a sole proprietorship? In that case it would not apply because it’s only one owner. But both parties may work in the business. Is it a partnership in which they both own 50 […]
Can business interests be divided in divorce?
High-net-worth couples frequently are business owners or investors in a business or run a professional practice such as a medical practice together. When divorcing spouses own and operate a business together, then the business will probably require a formal evaluation and report. Professionals such as forensic accountants and actuarial experts are used to determine the […]
What should I do if I suspect that my spouse is hiding information regarding the family business?
What should I do if I suspect that my spouse is hiding information regarding the family business? Chuck Roberts is family lawyer at Momkus McCluskey Roberts, LLC, one of the largest law firms in DuPage County, Illinois.
If both spouses co-own a business together, how will it be divided on divorce?
It would depend on how they choose to divide it. You’d have to value it and see what it is. It would depend on the other factors of the situation. The judge would have to apply what are the other assets that the parties own? Do they both have the same income potential? Do they […]
Will private business records become public records during the divorce?
Not if a protective order’s been entered. Usually this is one of the prime reasons the protective order is entered. And the protective order would set out the ground rules and lay out that what is to be kept private shall be kept private, and only disclosed to the parties for the purpose of that […]
If one spouse owns a business, how can he or she protect the company during divorce?
This is a two part question and so I’ll take it as a two pronged answer. And first I’ll look as it pertains to protecting the business financially, this again depends on the facts specific to the case. As you can see, family law is a very fact specific driven type of law. Everything needs […]
Will I have to pay my wife for her interest in my business after divorce?
I own a business with approximately 25 employees. Although my wife has never worked in my business or assisted me in the operation of my business in any way, she is claiming that if we get divorced, I will have to pay her for her interest in the business. Is she correct?
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