Keeping Custody of Your Pocketbook

Keeping Custody of Your Pocketbook

Each year, more than one million U.S. marriages end in divorce.  Many people forget to plan for the financial impact of a divorce prior to filing. There are many financial decisions that you must think about during divorce in order to minimize the financial impacts of a divorce, and few people give thought to these decisions prior to starting the divorce...

Dividing Debt in Divorce

Dividing Debt in Divorce

Question I know that California says that I get half of the property my husband and I have accumulated during our marriage. But what we have is mostly debts. What’s the best way to deal with them? Answer Unfortunately, its not unusual for couples these days to have more debts than assets. The general rule is that debts incurred during the marriage are the...

Where to Search for Hidden Asset During Divorce

Where to Search for Hidden Asset During Divorce

Question My husband just told me he wants a divorce, and he says he’s been thinking about it for quite a while. I’m afraid that he’s taken steps to hide money so that I won’t receive a fair share of our property. Answer It’s smart of your to be suspicious. Although by and large people are pretty honest while going through divorce, too many women trust...

Don’t Overlook Important Assets in Your Divorce

Question My husband and I have drawn up a list of what we own and we have tentatively agreed on how to split everything. I’m afraid we might have missed listing something. Can you help? Answer As a financial divorce consultant, I often review final property settlements to determine additional tax and financial considerations that should be addressed. Here...

The Benefits of Being Married Ten Years

Question My nine-year marriage has been rocky for quite some time, and my husband and I periodically talk about divorce. A friend told me I should stick it out a while longer since there are benefits to being married ten years or longer. What are those benefits? Answer In some states, such as California, in a marriage of ten years or longer the court retains he...

Unreported Income and Hidden Assets

Unreported Income and Hidden Assets

Unreported income and hidden assets are often alleged in divorce proceedings, with the spouse who is not running the business claiming that unreported income should increase both the spousal support award and the valuation of the family business. In civil litigation, it is often a partner or shareholder that is alleging that someone in his business is hiding...

Common Errors in Business Valuations

Common Errors in Business Valuations

Business valuations are prepared by a variety of professionals, including business appraisers, business brokers, financial analysts, certified public accountants and economists. On occasion, the background of the evaluator preparing the valuation may predispose that individual to serious errors in the valuation of the business. This article will explore some of...

Employee Stock Options: Valuation, Apportionment, Tax and Other Strategic Issues

Employee or Executive Stock Options are becoming increasingly more popular forms of compensation in the work place. Understanding how to value and transfer Stock Options are particularly important when dividing marital property. Under California Law, assets acquired during the marriage are community property. Consequently, stock options, to the extent that they...

The “A” Team: Financial Professionals

Divorce is a complex process that affects just about every aspect of your life — from financial to emotional, physical to legal. Unless you’ve been married for only a short time — and have no property, assets, or children — you’ll probably need some professional help to get you on track to a healthy, happy post-divorce future. The...

Keeping Your Head Above Water

Keeping Your Head Above Water

How To Make it Through Your Divorce Without Going Broke.  One of the great myths of separating and divorcing couples is that it is cheaper to live as a single than as a couple. Here’s the fallacy in that thinking: presently, you both contribute to your lifestyle. And if you’re like most couples, you struggle each month to make the paychecks stretch...

Debt and Divorce

If you’re getting a divorce, how will you and your spouse divide your debts? And what happens if your soon-to-be ex can’t pay his or her share? The liabilities and debts you and your spouse accumulated during the marriage should all be assigned, paid, or handled in some manner as part of your divorce settlement. The debts should include all credit...

Ten Ways To Keep From Screwing Up Your Divorce

The only thing worse than a bad marriage is a bad divorce. Unfortunately, many people going through divorce torpedo their future financial well-being. Don’t let that happen to you. Here are ten things you can do to keep from screwing up your divorce. Get Professional Help It may appear cheaper to settle your divorce without attorneys, but the expensive...

How CPAs Analyze Financial Statements in Dissolution Cases

What do forensic accountants look for when they review financial statements of a business provided to them by counsel? What are the signs that there are irregularities taking place? What are the typical types of financial statements? There are three standards and three types of financial statements. The three standards are audits, reviews and compilations. The...