Let’s say you’re a dentist. Or an accountant. Or even a lawyer. You own your business, or you co-own your business with a spouse. Or you’re part of a group— you and three other partners— who own your practice.
And then the unthinkable happens: you separate. You discover your spouse is cheating on you. Or you’re the one who strayed from the marriage (New Jersey is a ‘no fault’ divorce state). Either way, you’re getting a divorce.
Yes, there will be a lot of immediate considerations. How do we tell the kids? Who’s going to get to keep the marital home? Even, what happens to the dog?
But if you’re someone who has a professional practice, you also need to think about how to Protect Professional Practices in a Hackensack High-Asset Divorce.
First and foremost, you’re going to want to consult with an experienced and dedicated attorney from O’Cathain Law Group Family Law Department. Schedule a consultation by filling out the form at the bottom of this page or calling (201) 488-1161 immediately. Don’t delay— when looking for the right family law lawyer for you, you want to be the spouse who consults with the attorney first. Once one party does so, that lawyer cannot represent the other party (whether they’re retained or not). You’ve built this business; you want to protect it— so do it now.
Let’s look at some ways you and your legal team can Protect Professional Practices in a Hackensack High-Asset Divorce:
- Keep personal and business financial records separate. Hopefully you and your practice have been doing so; if not, start immediately. The court is going to value your business (often working with their own expert), and, with the business most likely being subject to equitable distribution, both sides will claim their valuation of the business is the one for the court to use. Keeping records separate will help everyone come to a fair decision as to what the business is worth, and who should receive what.
- Hire the right team. Maybe the most important decision you will make to protect your business— the business you built, with long hours and sweat equity— is the team you put in place to protect it. O’Cathain Law Group Family Law Department is headed by certified family lawyer Francesca O’Cathain, Esq., and we work with dedicated forensic accountants and tax professionals to safeguard your business during the divorce process.
- Keep thorough and detailed financial records. Keeping your financial house in order is a terrific and reliable way to make sure the effects of the divorce process on your practice are minimal. Yes, some of the value of the practice may be divided in equitable distribution, as a marital assets (and we’ll fight to make sure it’s fair), but detailed financial records can help your practice survive— and thrive.
- Explore settlement, mediation or other alternative dispute resolution options. If you, your spouse and your lawyers can agree upon a settlement for the practice, that’s the best outcome for all. If no settlement is forthcoming, you may want to explore mediation or alternative dispute resolution options with your family lawyer. But we’ll never pressure a business owner to accept a settlement we don’t feel is fair. We’d rather go to court— and win.
- Plan for the future of your practice. Oftentimes small businesses don’t succeed in the long-term because owners have put no planning into the thorny issue of succession. Avoid this and address this issue now— having an idea of what comes next can help your practice withstand your divorce.
(201) 488-1161
