How are Businesses Valued During Divorce Proceedings?
How are Businesses Valued During Divorce Proceedings?
Marital assets are eligible for division during divorce as per New Jersey equitable distribution laws. So what exactly does that mean for business owners? Simply put, owned business assets are considered in a similar fashion to other owned assets such as your family home, retirement assets, and much more. A key difference is how difficult it can sometimes be to assign an accurate value to businesses during a divorce. It is important to understand how the business valuation process works, who is involved in this process, and how that all ties in to your divorce.
The business valuation divorce attorneys of Jacobs Berger have extensive experience helping our Morris County clients from towns like Morristown, Madison, Randolph, Tewksbury, Dover, Denville, and across Northern New Jersey divide business assets amicably and fairly during divorce. We take the time to understand your individual needs and concerns, and will explore all of your available options during divorce proceedings. Our attorneys focus on offering the dynamic legal solutions with the goal of reaching the best outcome for your unique situation.
Call our office for a strategic planning session to learn more about the business valuation process, how it may tie into your divorce, and how we can best serve your needs.
Divorce Lawyers Discuss the Complexity of Your Divorce Disputes
There is no such thing as a simple divorce. However, the complexity of each divorce is relative, and may range from mostly straightforward to incredibly complex and messy. Our Morristown divorce lawyers may advise our clients to expect a slightly longer and more costly divorce if their divorce includes complicated disputes. Issues which may lead to a longer, and therefore more expensive legal process might include:
- High net-worth asset division
- The equitable division of owned businesses
- Contentious child custody disputes
- The equitable division or complex assets
As we will discuss further in the following sections, the primary factor is still the willingness of both spouses to be open, communicative, and reasonable throughout the divorce process. No matter how complex your divorce may seem, there is always a way to find an amicable settlement without unnecessary hang-ups.
Divorce and Family Law Attorneys Define Litigation vs. Mediation
Beyond the issues which must be resolved in your divorce are the conflict resolution methods you and your spouse choose. For example, each divorce is filed in New Jersey as either contested or uncontested. Uncontested divorce proceedings are faster than contested divorce, leading to quicker turnarounds, lowered legal fees, and ultimately a lower overall cost. In order to resolve existing issues, most couples choose one of two choices: litigation or mediation.
Litigation is essentially the action of taking your divorce to court and arguing in front of a judge. This form of conflict resolution has its place and will lead to a final judgement, but also carries longer wait times and higher costs.
Mediation involves out of court negotiations which are conducted by a neutral mediator or mediation attorney. Settlements reached through mediation are equally enforceable and reduce both the timeline and cost of divorce.
Mitigating the Costs of Divorce
There are a handful of ways by which our Madison divorce lawyers might be able to lessen the cost of your divorce. While the nuts and bolts costs of divorce such as filing fees remain mostly the same, the bulk of expensive divorces are spent on legal fees. It is important to work with an attorney who will make a concerted effort to keep your costs manageable and reasonable by taking the following steps:
- Working with your spouse and/or their attorney to avoid unnecessary litigation
- Offering alternative conflict resolution methods including mediation
- Settling differences outside of court so that you may file for uncontested divorce when possible
- Offering legal solutions which address your individual needs and concerns rather than trying to force your legal proceedings into a cookie-cutter solution
- Facilitating an environment of communication, cooperation, and working towards a mutually beneficial outcome which recognizes and addresses the needs and concerns of all parties involved
At the end of the day, avoiding a lengthy courtroom legal battle is the best way to keep the expenses of your divorce down. Some expenses may be unavoidable, but when working with experienced attorneys, you can rest assured that you are not paying more than you need to protect your family’s future.
Contact our Divorce and Family Law Attorneys Today
At Jacobs Berger, our divorce and family law attorneys take pride in offering reasonably priced legal service for our clients in Morris County towns such as Madison, Randolph, Morristown, Dover, East Hanover, Denville, Tewksbury, and across Northern New Jersey. Our firm views each divorce case we take as a new opportunity to help build a secure foundation for the future of our client and their family. We understand that divorce is more than dollars and cents, and we strive to serve the financial, the personal, and the emotional needs of our clients going through a difficult time.
If you have any questions or concerns when it comes to divorce and the associated costs, please contact us online or over the phone by calling our Morristown, NJ office at 9733544551 today for a comprehensive and confidential case assessment regarding your case and how we can best serve your needs.