Two people who marry and decide to build a business together in New Jersey may, unfortunately, find themselves having to dissolve the marriage and move on with their separate lives. Having a joint business makes this transition tricky. However, it is possible to address a large asset, such as a business, during divorce proceedings without necessarily going through the process of litigation.
One legal option that does not involve litigation is called the collaborative divorce. This is a type of alternative dispute resolution in which both parties meet and come up with options that work for both sides. Both the clients and their attorneys sign a participation agreement that explains that if no settlement is reached, the lawyers will not push for the couple to move to litigation. This forces both sides to try to manage their emotions in as constructive a way as possible.
Another alternative to litigation is divorce mediation. A mediator will focus on keeping both spouses involved in the conversation about assets and other divorce-related matters, so they come up with a resolution that is mutually agreeable. This process usually brings success for both parties.
Divorce litigation can be stressful in New Jersey, which is why collaborative divorce and mediation are popular options during divorce proceedings. Through these processes, couples may achieve an outcome that is in the best interests of both parties. If this not possible, however, a judge will have to step in and make important decisions related to the division of assets and property for the couple.
Source: entrepreneur.com, "6 Guidelines for Helping Your Business Survive a Divorce", Arkady Bukh, Sept. 30, 2015