For example, these clients may have some credit cards or bank accounts that they use for work and some for home expenses. Or they may have used their family home as collateral for the business. So, when they are getting divorced, it takes a little time to figure out the value of their business and how to divide it, as well as what assets and debts go with the business and what belong to the family.
While it may seem overwhelming at first to make these distinctions, in divorce mediation, we break the process down into small manageable steps. We try to ensure that everyone is being open and transparent about their accounts. In some cases, mediation clients want to use an accountant who specializes in business valuations to provide an objective analysis of their business, and we provide them with a list of local specialists.
According the Courts, the division of assets and debts in divorce must be fair and equitable. We use this same standard when working in divorce mediation with small business owners or self-employed clients.
For more information about divorce mediation, please contact Randi M. Albert, JD, or Michelle Weinberg, M. Ed., Licensed Marriage and Family Therapist, at Westfield Mediation, LLC, at 908.913.0373. View our website at www.westfieldnjmediation.com or email us at firstname.lastname@example.org