A couple with business holdings can face a number of complications when going through the divorce process. There are several additional steps that the divorcing spouses would have to take in order to ensure that their entire financial situations are thoroughly examined to fairly distribute their assets.
First of all, the income or the cash flow of the business owner would have to be assessed early on in the process. Typically, a forensic accountant would need to be hired to conduct the assessment. An attorney would have to complete an extensive amount of discovery by exchanging documentation, including QuickBooks, business ledgers, credit card statements, bank statements, investment statements, compensation packages, and business expenses. It is important for a spouse to gather all of this information when deciding to file for divorce so that an attorney can have a full picture of the situation.
If the business holding is considered a shared asset that was acquired or expanded during the marriage, the process to divide it can be especially extensive. Professional help will likely be required to assign a value to the business and decide how to distribute that value between the spouses. Fortunately, a New Jersey high-net worth attorney could prepare you to begin this complex process.