Share Us On:

New Jersey Divorce and Equitable Distribution of an NJ Professional Business such as a Legal Practice or Medical Practice

Jul 13, 2016 @ 10:08 AM — by Michael Green

New Jersey Divorce and Equitable Distribution of an NJ Professional Business such as a Legal Practice or Medical Practice.  There are many ways to evaluate or value a business.  Generally, in New Jersey divorce practice, a New Jersey expert or forensic accountant is brought in by the parties to do so if the parties can't agree on how to divide the business or have one party buy out the other.  Some NJ divorce valuations are based on the annual income of the business, some are based on hard assets of the business such as equipment, still others are based on both in some manner.  So, it is important from the start that with any forensic accountant you establish how they may approach the valuation before they render a report to the parties on the equitable distribution of the business.  Often, a major partner or owner of the business, that may have other partners outside the marriage, may consider buying the other spouse out of the marital interest, if any, in the business.  In a practice that is based on the individual highly, where there are little hard assets, such as equipment, and little that could be sold, in terms of a book of business or a book of clients, it is more difficult to evaluate the value of that practice, such as may be the case in some law or medical or other professional practices that are highly reliant on the key man or major partner working the business.  If you need help evaluating a business in your divorce, call us at 732-390-0480 or 201-242-1119 and ask us about our flat fees for a default or limited uncontested divorce.  We offer free divorce consultations in our two New Jersey divorce and family law offices in East Brunswick and Fort Lee.  Our NJ divorce lawyer and NJ divorce attorney can you help you with your case today!

Comments (0)

Public comments are closed.