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Despite the impact of COVID-19, we are open and continuing to meet the needs of our existing clients and new clients without interruption or change in the quality of our services. Please do not hesitate to contact us with any concerns, questions or requests for information about your matter. At this time we are offering appointments via telephonic and/or video conferencing.
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Do you have to share ownership of your business in a divorce?  

On Behalf of | Oct 20, 2021 | Equitable Distribution |

Divorce can mean big changes for you and the people who depend on you. Most people only have to worry about their children in addition to themselves when they divorce, but people who own businesses may also feel a sense of responsibility toward their employees or possibly even their customers or clients. 

There is little question that divorcing as a business owner can become more complex and fraught with conflict than a low-asset divorce. Do you have to share the ownership of your business with your ex, or is there a way for you to avoid that outcome?

You have many options for handling complex property division

New Jersey will apply equitable distribution rules to all of your marital assets. If you started the company while already married, then the chances are good that the courts will view your business as a marital asset. 

In other words, your spouse has a right to an equitable share in the business. Just because they have an interest in the business or its value does not inherently mean they have a claim to ownership — or even partial ownership. Instead, you may have to determine the value of the business and then factor that into how you divide your assets. 

Your spouse might agree to accept other assets in lieu of a share of the business or its value. For example, your spouse may want to the family home while you keep the business. There are many ways for you to fairly address your company in a New Jersey divorce that will not involve you serving as a co-owner with your ex. Getting creative is often necessary for those hoping to settle a high-asset divorce involving valuable assets.

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