Protecting Your Business in a Divorce
When one or both spouses own a business, things can get very complicated very quickly in a divorce or separation case. For instance, unless the parties can agree on the value of the business (which is extremely rare), one or both parties must hire an expert witness to conduct a valuation.
This process can easily run several thousand dollars for each spouse, and it is not uncommon for the experts to end up with drastically different values for the business. The credentials of each expert and the validity of the data are closely scrutinized in such situations.
Cathy Hunt of Gailor, Wallis & Hunt, PLLC has written two articles explaining how to protect your business in a divorce, and it is an excellent read on this subject. If you own a business yourself, or if you know someone who does, you owe it to yourself to review these articles. You can click the following links to read Part One and Part Two.
Source: "Protecting Your Business In a Divorce" by Cathy C. Hunt, published at North Carolina Family Law News.
This process can easily run several thousand dollars for each spouse, and it is not uncommon for the experts to end up with drastically different values for the business. The credentials of each expert and the validity of the data are closely scrutinized in such situations.
Cathy Hunt of Gailor, Wallis & Hunt, PLLC has written two articles explaining how to protect your business in a divorce, and it is an excellent read on this subject. If you own a business yourself, or if you know someone who does, you owe it to yourself to review these articles. You can click the following links to read Part One and Part Two.
Source: "Protecting Your Business In a Divorce" by Cathy C. Hunt, published at North Carolina Family Law News.
My business partner and I are entertaining the idea of getting married. We are equally involved in the business and our salaries are the same. However, we are a S corp and I own majority of the stock. My concern is his ex-wife with whom he has two children. He currently pays child support, based on his salary. If we get married and she goes after more child support, will the court include my income (with Schedule K) as part of the calculation? Are there any avenues or actions to protect us from such an event?