If you are one of the many people in New Jersey who owns a business with your spouse and is considering getting a divorce, you will no doubt be concerned about what to do with your business. Some couples are able to successfully continue running a company together even after their marriage has ended. Other couples find this is not possible for them and may therefore opt to sell the business outright to a third party or to allow one of the spouses to buy the other one out and run it alone.
If you choose one of these latter two options, knowing and agreeing on the value of your business will be essential to you as it may likely play into your overall divorce settlement agreement and how you split any other assets or debts. This is a time when you may benefit from using a forensic accountant. As explained by the Forensic CPA Society, this special type of accountant not only understands how to conduct audits and perform other accounting functions but they also know how to investigate matters and provide data that is up to the level of scrutiny required by a court of law.
If you and your spouse cannot agree on the amount that your business is worth, leveraging this type of forensic accountant may help you get to a final settlement agreement.
If you would like to learn more about how to properly evaluate the financial elements of a divorce including the value of a business owned with your spouse, please feel free to visit the asset valuation page of our New Jersey family law and divorce website.