Heymann & Fletcher

Owning a business makes divorce trickier

Getting divorced can be financially and emotionally harrowing no matter the value of a person's assets. However, it can be especially trying for a business owner in New Jersey. A couple of tips may help an individual to protect his or her business interests during the divorce process.

First, it is important to keep a record of every conversation conducted about one's business. For instance, if a conversation takes place verbally, one can summarize what was discussed in an email, just so that there is a written record of it as well. A paper trail can be helpful for proving something in the event of a disagreement down the road.

It is also wise to protect oneself by opening up a new bank account in one's name only, rather than continuing to use a joint account with one's spouse. People going through divorce can also benefit from checking their credit reports to ensure that everything on them is accurate. Business owners may also want to review all contracts that their businesses have to ensure that no changes must be made if their spouses were involved and included their signatures on the contracts, too.

If two people who are going through divorce in New Jersey are able to work through their issues amicably, they may find benefit in mediating or negotiating on matters related to asset division and property distribution with legal guidance. If they are unable to do this, a judge will decide for them how their assets will be divided. Unfortunately, the outcome may not be in line with one or both individuals' wishes.

Source: killerstartups.com, "7 Steps to Take to Save Your Business During a Divorce", John Rampton, Dec. 27, 2016

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