Owning a business with your spouse in New Jersey has its own set of unique challenges if you pursue a divorce. The future of your company rests in the negotiations between you and your spouse.
If you and your spouse decide to sell the company, your preparation can facilitate decision-making and help you identify the most favorable outcome.
Ask for help
Selling a company requires a lot of forethought and careful consideration. There are many moving parts that directly affect each other. A single misstep can jeopardize your opportunity to get the maximum value for your business. Add in the pressure of divorce and a court order to sell your company and you may feel completely discombobulated.
One way to mitigate the stress and uncertainty of selling your company during divorce is to ask for help. An attorney can provide assistance with the following tasks:
- Organizing financials
- Identifying ownership of assets
- Distributing profits
- Drafting contract agreements
- Assigning debts
Assess the market
In preparation for selling your company, you will want to watch the market and strategize the best time to make the sale. According to Market Business News, waiting for the right time to sell your company could take over a year. Having a clear picture of what you will accept for your company can help you target your advertisement to promising candidates.
Once your company sells, the courts will help determine how to split the profits. Factors including the length of your marriage, ownership rights and your level of professional involvement within the company may all influence the settlement.