Equitable Distribution and Family Owned Businesses

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.