New Jersey Family Law

CARLSTADT FRANKLIN LAKES NORTHVALE TEANECK BERGEN COUNTY NJ DIVORCE BUSINESS VALUTION MEDIATOR

Because the defendant had always used cash-basis accounting in his business, the court correctly rejected the financial expert's opinion that an accrual-basis should have been used instead.     Nash f/k/a Meijer v. Meijer, April 6, 2012

FORT LEE TEANECK FRANKLIN LAKES DUMONT BERGEN COUNTY NEW JERSEY DIVORCE BUSINESS VALUATION MEDIATOR ATTORNE

 
In New Jersey family law litigation, small business valuation results can vary significantly : do you use "book value" or "fair market value"?      Cohen, etc. et al. v. Cohen et al., N.J. (App. Div. 2011); New Jersey App. Div., July 18, 2011

SADDLE RIVER HOHOKUS ALPINE CRESSKILL BERGEN COUNTY NJ DIVORCE MEDIATION LAWYER

 
A New Jersey divorce judge has the power to order one spouse to transfer part of a family business to the other spouse and to enter an accompanying restrictive covenant.    Romito v. Romito, New Jersey App. Div., April 5, 2011

ESSEX COUNTY NJ DIVORCE MEDIATION ATTORNEY VALUATION FORENSICS

The critical importance of a forensic financial investigation during a New Jersey divorce case is at the heart of this complex case.       Anton v. Anton, New Jersey App. Div., August 26, 2010

BUSINESS VALUATION CLOSELY-HELD DIVORCE MEDIATION ATTORNEY NEW JERSEY

Neither party provided their own expert testimony regarding the valuation of their closely-held business, the chief marital asset. On appeal, they are stuck with the record they created and cannot now be heard to complain.    Strafaci v. Strafaci, New Jersey App. Div., August 11, 2010

MILLBURN ROSELAND CALDWELL WEST ORANGE ESSEX COUNTY NEW JERSEY DIVORCE FORENSIC ACCOUNTING MEDIATOR LAWYER

This New Jersey divorce couple spent more than they earned. A forensic accountant found phantom payments to the husband's children and mother and appropriately deducted them from legitimate business expenses, to prevent an overstatement of payroll.       Halaka v. Halaka, New Jersey App. Div., May 14, 2010

ENGLEWOOD DIVORCE LAWYER MEDICAL PRACTICE VALUATION BERGEN COUNTY NEW JERSEY

The New Jersey divorce judge did not explain why the husband's medical practice was valued for equitable distribution purposes as of a date more than 6 years after the filing date of the New Jersey divorce complaint. As to the figure of $1,000,000 placed on the practice by the trial court, it used the accountant's $728,414 for the tangible assets and the balance represented goodwill. Although "goodwill" has an ephemeral aspect, the number used appears to have been picked out of the air to round out the practice value to the $1,000,000 figure. The decision is reversed : the valuation and distribution of the medical practice will have to be redone.   Agarwal v. Agarwal, New Jersey App. Div., July 6, 2009

ENGLEWOOD DIVORCE MEDIATION BERGEN COUNTY LAWYER MEDIATION

Forensic accountants are often used in New Jersey divorces. In this case, the accountants billed a total of $21,491.69. When they weren't paid in full, they sued both the wife and the husband. The trial court's decision is affirmed.  Amper, Politziner & Mattia v. Manos, New Jersey App. Div., June 19, 2009

MORRIS COUNTY DIVORCE ATTORNEY

What happens to an entrepreneur's business upon a New Jersey divorce? It's an important question, given that small business is the primary engine of economic growth in America. Very small businesses (with fewer than 20 employees) are responsible for half of the country's nonfarm real gross domestic product and "have generated 60% to 80% of the net new jobs over the past decade." For the entrepreneur of a small company without a prenuptial agreement eliminating the entity from contention, the business is just another asset in the marital estate subject to distribution. Regardless of whether it's an S corporation, a limited liability corporation, limited partnership or even a sole proprietorship, you have the right to have the entity valued and divided, typically in the form of a lump sum payout to the uninvolved spouse, when you and your partner part. Forbes Magazine, December 13, 2006

NEW JERSEY DIVORCE : BUSINESS VALUATION

A frequent issue in New Jersey divorce cases is the valuation of a closely held business. Here, the Court deals with the buyout of an interest in a LLC [Limited Liability Company]. Plaintiff asserts he is entitled to a figure determined by his expert accountant pursuant to the Operating Agreement, while defendants contend plaintiff's interest is subject to a rate swap, yielding a lower valuation. They also allege he acted in bad faith in setting up a competing company. Because the parties agree on the minimum amount due, the Court enters judgment for that amount. As to the balance, the court denies summary judgment, concluding additional discovery is necessary. Gerber, Jr. v. Gerber, et al., New Jersey Ch. Div., June 2, 2006