Legal Question in Family Law in New Jersey
In business together and divorcing.
My husband filed for divorce, I had no idea. We started a business together before we were married and have been working at it since. We are married 5 years. A building is involved, equipment, vehicles and many customers. My name is not on the deed of the building or the equipment. How will this be divided and will it have to be sold? Am I entitled to half of everything? Thank you.
4 Answers from Attorneys
Re: In business together and divorcing.
Undere the law you are entitled to equitable distribution in any property acquired during the marriage irrespective of the name in which it is entitled. As this would also include any debt you have to make sure that none is being added to the financial picture without your consent. To protect yourself you should see counsel as soon as possible.
Re: In business together and divorcing.
The business will be an asset of the marriage to be equitably (fairly) divided. If the two of you agree on a division then the Court will accept that. If you cannot, then the business may have to be valued by an appraiser/accountant and the Court will make a determination of its value and how it should be divided. It may be that you are entitled to half, but I would have to know much more concerning the business before I could begin to estimate your interest.
Re: In business together and divorcing.
Thank you for your e-mail concerning divorce. Your questions pose some serious issues that should not be dealt with in the context of a little e-mail note. I strongly urge you to seek the advice of counsel, as you have a lot to lose otherwise. Our firm has a department of experienced family law attorneys who could consult with you and provide proper advice and representation. Please do not sell yourself short. Contact our firm or another firm of your choice to obtain representation on these issues. It will be well worth the cost and time in the end. You can reach us at 856-795-6700. We are in Haddonfield, NJ. Mention LawGuru for a rebate on your consultation fee. Good luck to you. K. Scheiner, Managing Partner, Family Law Dept of Gerstein Grayson, LLP
Re: In business together and divorcing.
The short answer is that New Jersey is an Equitable Distribution state, which means that the courts begin with the presumption that all assets acquired during the marriage will be divided evenly. Situations such as yours, where a joint business exists, present a whole range of additional issues and depend on facts which can only be examined during a consultation. I suggest you call my family law colleague, Jane Herchenroder, 908-231-9222, in Somerville, who's office would be much closer to you. If I can be of service, feel free to call. Good luck.
Ralph Soukis, Esq., 2 Sears Drive, Paramus, NJ; 201-599-0744.
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