Generally speaking, divorce does not result in liquidating the family business. Generally speaking, and obviously there are exceptions to this, the person who’s operated the business in the past will continue to operate the business in the future. The divorce lawyer’s obligation is to help the parties reach an opinion of value as to what […]
Asset and Property Issues
Is there just one method of figuring out the value of a business?
It depends on the nature of the business enterprise itself as to what ultimately is going to be the appropriate mechanism to come up with an opinion of value. In almost every situation, business valuation experts consider maybe five, six, maybe seven different methodologies. They’ll consider each one. Their written report is going to articulate […]
Can a judgement be obtained without equally dividing community assets?
Family lawyer Ann A. Thomson discusses the ways a judgement can be obtained without equally dividing community assets, avoiding a 50/50 split.
Is a working spouse’s retirement account community property or not?
Family lawyer Ann A. Thomson answers whether or not a working spouse’s retirement account contributinos are community or separate property.
Can a spouse have their company accountant perform a valuation?
Someone will say, “You know, we could just use the company accountant and they should be able to give us a ballpark idea of what the business is worth.” That’s usually really a bad idea. The business accountant is certainly skilled in terms of preparing financial statements, skilled in terms of preparing the tax returns […]
What factors must a judge consider when dividing community property?
Family lawyer Ann A. Thomson discusses a few factors a judge considers when dividing community property in divorce, like when the property was acquired.
What happens in a case where a spouse gets income that isn’t reported?
That’s a little bit difficult. That sometimes needs to be offset rather than specifically dealt with as unreported income. It may be offset within a word of other assets in the division of the marital estate to compensate the spouse who has not acted in that reckless manner. Chuck Roberts is family lawyer at Momkus […]
What’s the difference between community and separate property in CA?
Family lawyer Ann A. Thomson discusses the difference between community and separate property and how these two vary during and after marriage.
What happens if somebody suspects that their spouse is hiding information regarding the family business or hiding assets?
One spouse will say, “You know, I think that the other spouse has been taking money out of the business and not reporting it.” That can be a very challenging situation. The lawyer’s first question is going to be, have you filed joint federal income tax returns? At the time that you file those joint […]
Are stock options considered an asset to be divided during the divorce?
Yes. The current state of the law in Illinois is that those types of options are considered and are divided by the court. The options will be divided if and when exercised by the person who holds them. It’s a routine matter, and as long as your attorney has been through that process before, that’s […]
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