Business and Professional Practices in a Divorce -

    Owners or spouses of owners have must consider all the issues that can happen during a divorce.  Florida law specifies a 50/50 split of property in a divorce.  But the question is" 50/50 of what?  No where is there more opportunity to fudge the numbers than there is in a business. 

    In most divorces, the owner/spouse usually says the business is going down the drain.  The other spouse usually claims the business is the next Apple Computer.  The actual truth is somewhere in between, and shrouded in mystery.

    The strategy you would use in a divorce depends if you are the owner, or spouse of the owner.  Be aware, this is one of the most complex areas of divorce law.  It would be next to impossible for you to represent yourself and come out ahead in this situation. 

     If you are the spouse of the owner:  The first place to start is a complete analysis of the corporate income tax return.  There are many places to hide income.  A few examples are excessive salary to family members, and personal expenses run through the books.

     If you are the owner:  Your job is to show the realistic financial picture and how the business depends on your personal involvement.

     Either party may desire to have a professional business appraisal.  Appraisals are typically done by professionals holding a certification in business valuation.

 

     How business values are determined in a divorce

Strategies for the Non-Owner Spouse to uncover hidden assets

Strategies for the Owner Spouse in a divorce

Divorce, IRS Taxes, and Family Business

My Spouse is a Tax Cheat

 

If you are looking for divorce information you will find tons of free information on this website. Divorce Attorney Howard Iken personally created this website with a personal mission:  to help people at this critical moment in their lives and to make the process of divorce easier, more understandable, & less intimidating. CONTACT US NOW or call 888-469-3486

    

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