How are Businesses Valued During Divorce?
Morris County Divorce and Asset Division Attorneys Guiding clients across Morris County and Northern New Jersey.
Attorney Jamie N. Berger strongly believes in encouraging her clients to look past what can be a difficult and tumultuous time and focus on what comes next. Awarded by NJ Family Magazine in 2019 as “New Jersey’s Best Lawyers For Families”, in the following video Jamie explains the steps in valuing a business.
Valuing a Business in NJ Divorce
One of the issues that comes up in many divorce matters is valuing a business. Whether it is a family-owned business or business owned by one spouse or the other spouse, it’s something that has to be done for the purpose of equitable distribution and also for determining what income can be from the spouse that owns the business.
The role of professional external experts
So, in order to do that, we typically rely on an accountant, an expert to do a business valuation, and depending on what that expert has been hired to do, they may be asked to value the particular business itself. They may be asked to value the business for the purpose of establishing what the income is to the person running the business. Those business valuations are done with the expertise of an accountant. Then we review, discuss with our clients whether we are representing the spouse that owns the business or we are representing the spouse that doesn’t own the business who may be entitled to a portion of that business inequitable distribution or maybe relying on the income from that business with respect to support. That is a process that we engage an expert with so that we are assured that we have all the information, make decisions and recommendations to our clients so that they know what the next steps are for them and their rights or obligations with respect to that business.
Contact our Morristown Business Valuation Attorneys
If you have concerns over business valuations, taxes, or estate assets and debts, a tax professional or business appraiser may be necessary. Our firm works hand in hand with a high qualified team of professionals in a variety of fields according to the specific needs of your case. Together, we´ll work out a personalized plan that aims to cover all aspects of your divorce.
If you want to get in touch with attorney Jamie N. Berger or someone else from Jacobs Berger team to handle your business valuation, equitable distribution or complex division of assets. don´t hesitate to call at 973-710-4366, visit our Morristown office or fill out our online form.