The easiest way to protect your company is to cooperate, disclose, and provide the documentation that is requested by the other side. Oftentimes people think that a refusal to produce a document or a refusal to be cooperative will somehow eliminate your obligation to provide that information. On the contrary, all that conduct does is […]
Financial Issues
How can someone keep the cost of their divorce litigation process down?
A client can keep his or her costs down by being available to discuss their case by compiling their financial documents in a timely manner and by participating in the process in an engaged manner. By retaining an attorney who is experienced in family law, you will be able to hone in on the issues […]
Does business knowledge help family lawyers help business owners who are going through divorce?
It has helped tremendously. By hiring a lawyer who has a fair amount of business experience to represent you in your divorce – both advising businesses, I sit on the board of directors of some businesses and represent some corporations in non-divorce context, and having a keen understanding of how the business climate works – […]
Can an adjustment be made to the value of a business after a divorce has been finalized?
It depends on how the deal was negotiated. We frequently will include provisions in the payout provision to take those kinds of circumstances into account. Small fluctuations generally are not the subject of modifications, but a large fluctuation – for example, a new competition comes to town in this family business and suddenly revenues go […]
Is experience what helps you determine which is the best way to value a person’s business?
It is. Principally, that’s going to come from the business valuation expert. They will open up the toolkit and they have a number of different approaches that can be used. They’ll consider all of those approaches depending on the type of business and ultimately select the one that that gives them the most comfort level […]
What Makes Grey Divorce Different from Other Divorces in New Mexico?
Grey divorce in New Mexico has the same basic components – what you own and what you owe – but if you’ve been married for 30, 40 years, you don’t have as much time to recover financially after dividing the assets.
What effect can a divorce have on a family business?
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 […]
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 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 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 […]
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