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?
Financial Issues
Are there any advantages of using mediation rather than litigation for high-asset cases?
High-asset couples typically use mediation almost more than anyone else. They really want to have private solutions to their divorces. They typically have very complicated assets, which they understand, perhaps, much more than your typical family law judge. A family law judge is going to have mostly low-income people coming through the courthouse and may […]
How could my income taxes be affected by my divorce?
There are a number of ways that taxes are affected when couples divorce.
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 […]
Is the business taken into account when it comes time for calculating child support?
Is the business taken into account when it comes time for calculating child support? For example, if the teenage children are driving company cars, have company cell phones, etc.
How is spousal support determined in divorce cases that involve a business?
Spousal support is based on, in any case, the income of both of the parties. The first thing is are both parties working? Is one party making more money than the other person? Those types of factors. That’s going to be the same in any case. But when it involves a business, you have to […]
How can you be sure that the spouse who has a cash-based business is telling you the truth about profits?
A lot of businesses are either cash-based or the books are not really that accurate, and you’re going to have to go into the tax return and look at the deductions and sort of add back in things like depreciation, car expenses, and who knows what. You’re really going to have to get a forensic […]
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