Equitable Distribution and Family Owned Businesses

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By Joseph Dillon, Divorce Mediator

Going through divorce mediation in New Jersey is hard enough but what about when you and your soon to be ex-spouse own a business together? Then what do you do? Given that it is a marital asset that is subject to equitable distribution, you have three choices. You can have it valued and sell it, each dividing the proceeds during your equitable distribution conversations, you can keep it and continue to work it together as directed by your article of incorporation, partnership agreement, etc. or you can have it values, one of you can buy out the others share and you can run it yourself. As an Accredited Professional NJ Divorce Mediator with an MBA in Finance, many of my clients are self-employed and understand the financial ramifications that divorce will ultimately bring but are wise enough to know that they should not destroy what they’ve worked a lifetime building by burning it to the ground through the contentious process of hiring attorneys and litigating their divorce.

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Joe Dillon oversees the firm’s practice areas of mediation and divorce financial analysis, and serves clients in both Illinois and New Jersey. Joe and the team at Equitable Mediation have the capabilities to address the unique needs of the “whole” client from a legal, financial and emotional perspective through it's inter-related practice areas of divorce mediation, divorce financial analysis and divorce recovery coaching. Joe is an avid traveler and enjoys volunteering his time helping homeless animals in both Chicago, IL and Princeton, NJ. He can be reached in NJ at (908) 864-2177 or in IL at (312) 583-7436. +Joseph Dillon | G+