Things can become even more complex if you are facing the prospect of a high-asset divorce as a business owner. After all the blood, sweat and tears you’ve most likely put in over the years to allow your business to grow and prosper, you may justifiably be worried about how it could be affected by your divorce settlement. Fortunately, there is professional help and support readily available to you that can help protect your future best interests.
The main factor in whether or not your business will be subject to asset division is if it qualifies as separate or marital property. Separate property includes any assets you or your soon-to-be ex owned before the marriage, while all assets accumulated during your marriage qualify as marital property. Some factors that a court may take into consideration when making this determination include the following:
There are particular measures you can use to protect your business from being included with the marital property. Prenuptial and postnuptial agreements, along with shareholder and buy-sell agreements, all can potentially exclude certain assets from your divorce proceedings.
The estimated value of your business can have a substantial impact on many areas of a high-asset divorce, including the division of property along with the future amount of any alimony or child support payments. Obtaining an accurate valuation can be challenging since it involves a significant amount of detailed information along with different valuation methods from which to choose. Fortunately, an experienced attorney can ensure that a qualified business appraiser is involved in this process while also providing you with guidance throughout all stages of the divorce process.
]]>One thing that may be useful for you is to learn as much as possible about what to expect from the divorce process. This understanding can be helpful as you move forward and seek a resolution that will allow you to look to the future with confidence. Even if you expect your divorce to be amicable and straightforward, you will benefit from preparing for what is ahead.
A significant benefit of divorce preparation is that it will equip you to better protect your interests from the start. When you know what to expect, it is likely that you can make thoughtful decisions that will have positive results now and in the future. While each divorce is different, you can likely expect the following from this process:
What you will experience during your divorce is unique to you and your goals, cooperation between parties and many other factors. However, a familiarity with the legal steps you need to take can help you move forward intentionally.
During your divorce, there is a lot on the line for you and your children. However, there are things you can do that will allow you to achieve the best and strongest post-divorce future for all of you. As you look to what is ahead, you will benefit from seeking professional advice regarding how you can avoid problems and fight for your preferred terms during your divorce.
]]>Shared custody is a common approach for many families. With this type of custody arrangement, the parents will work together to split time with the kids and provide them with as much continuity of lifestyle as possible. While offering many benefits, shared custody may not be possible or effective for every New Jersey family.
It is important to make custody decisions based on what will be best for the individual family. Your kids have unique needs, and you will also have to consider factors such as your work schedule, health needs of your kids and more. Consider the following benefits of shared parenting:
While it is often a beneficial and practical custody strategy, shared parenting is not for everyone. It may not work well if you and the other parent are not able to cooperate and function respectfully within the confines of a shared custody and visitation plan.
If you are unsure if shared parenting is the right approach to your custody and visitation strategy, you may benefit from seeking guidance regarding the options available to you. An assessment of your case may provide you with insight on how to pursue or create a custody plan that will be beneficial and sustainable for your kids. The ultimate goal of any custody plan is to protect the best interests of the kids above all else.
]]>The complications that arise from a divorce can impact multiple areas of your life. While you will have to adjust to changes in how often you will see your children, you will also have to adjust to where you will live and living on your own. One of the most common questions asked during a divorce pertains to what will happen to the family home, and by extension, what will happen to the mortgage.
It is normal to want a sense of security and familiarity during your divorce. That is why many spouses believe that they want to remain in their home, and they often fight to be able to do so. However, it is not always the most prudent decision to do this, and it can eventually lead to complications and problems. Before making any important decisions for one’s future, it may be helpful to understand the potential benefits and drawbacks of these choices.
What will happen to the mortgage depends on whether you or your spouse will remain in the home. If one of you will remain in the home, one option is to refinance the home in the name of that spouse. One spouse may need to buy out the other spouse’s portion in the home, an amount typically based on the value of the home and the amount of equity in it. In order to determine the amount of equity in a home, it may help to have a new appraisal done.
If neither spouse will remain in the home, it is typically best to sell a New Jersey home and split the proceeds. How to split this between the two spouses depends on factors that are specific to the individual situation. You and the other spouse may negotiate terms that are suitable for both of you.
When making decisions about your future, you will benefit from keeping your focus on what will make the most sense long-term. It is normal to have strong emotions during this time, but how you feel in the moment is a poor indicator of what will be best for you in the future. Due to the serious nature of these decisions, you will benefit from experienced guidance as you pursue a fair divorce order and reasonable division of marital property.