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There are a lot of complexities to a divorce process for individuals who own their own business. One is determining what the value of the business is, whether it was premarital or marital, so that can be a very costly, complex situation because the actual sale of the business may net a different value than the retention of it. Meaning the person who runs the business will often find it to be more valuable than selling it would be. And then secondly is determining the individual’s income from the business. More often than not, you’ll have a lot of perks or different forms of income and revenue that are received by either the spouse or the family that doesn’t necessarily show up in a tax return. So there are complicated legal issues and financial issues that need to be resolved sometimes just between the parties and not inside the court.
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New Jersey family law attorney, Brad Micklin, discusses how to handle dealing with a business in a divorce.