I own a business which provides consulting services. Although my business has been lucrative, I don’t think anyone would buy it because without me, there is no business. Under these circumstances, would my wife have an equitable distribution interest in my business in the event of a divorce?
Asset and Property Issues
Are my husband’s annual bonuses considered marital or separate property?
My husband received annual bonuses during our marriage which he put in a savings account in his name only. Are these funds considered marital or separate property?
How do we determine our home’s value?
How do we determine our home’s value? Should we deduct the sales commission from the appraised value? Can we deduct capital gain taxes from the value of the house?
Are stock options considered an asset to be divided during divorce?
John Gilligan, a Certified Family Law Specialist, explains whether or not stock options are taken into consideration when dividing assets during divorce.
What can I do to protect my business during the divorce process?
My ex-wife and I are about to divorce and I’m concerned that the divorce process is going to disrupt my business. What can I do to protect myself from interference from her and her lawyer?
Should I keep the house if I am the custodial parent?
I am the custodial parent. Should I keep the house?
Is there any point in hiring a financial professional if the self-employed or business owner’s spouse is not being co-operative?
As an attorney, you have to do your due diligence. You can’t let someone get away with not being co-operative. I’ve had my forensic accountant and/or business appraiser tromping around on site, at whatever the location is, going through boxes and boxes of badly organized documents searching for the information that he needed to value […]
To save money, can a business owner use the company’s accountant, who is already very familiar with the business?
If both parties agree, yes. I had a case recently where the parties agreed to use the business accountant and the accountant came up with an amount of value for the business. Then one of the parties said, “Well I don’t like that number.” Then they hired a business appraiser. If both parties agree with […]
If one or both spouses own a business, is it always necessary to hire a business valuator?
You can have a business where somebody is a landscaper, and he goes around, has all these customers, and landscapes their yards, and they love them and he’s their best friend. Is somebody going to buy that business from him and pay anything for it? If he steps out of that business, would there be […]
What does “double dipping” mean in a divorce context, and why would this be a problem?
You’ve got a marital asset which is the business, and the business has a value. You’re counting that marital asset as property in the division of all of the property in the divorce case. You’re counting it once, and then you’re wanting spousal support, so you’re counting the business again because it has a stream […]
Follow Us on Social Media