Judith S. Charny, a family lawyer in Mount Laurel, answers:
In a divorce, marital assets are distributed between the parties in what is called “equitable distribution”. While the economy still lags in Southern New Jersey and elsewhere in the United States, it is still difficult (but not impossible) to modify the equitable distribution ordered in the Final Judgment of Divorce after the fact as a post-judgment application or motion. Despite the devaluation of business and real-estate assets over the past several years, clients remain bound to the value assessed for equitable distribution at the time of divorce settlements. That’s why it is so critically important to work with your attorney and select the right expert for any business or real-estate assets. The value of a business is in one way or another related to the income or cash flow generated by the business. The expert’s determination of reasonable compensation is critical in the valuation process, and also to the determination of the other main issue in most divorces: support, since alimony and child support are based on the income of both parties.
Judith S. Charny has been practicing law in South Jersey since 1984 and established her own practice in 1999. Ms. Charny concentrates in divorce and family law, including collaborative law and divorce mediation.