When a spouse owns their own business, there are two primary issues that come up when it comes time for the couple to get a divorce, if that ends up being the case. The actual income that is derived from the business, and the actual value of the business. We are in a position, with our experts, to have forensic accountants come and value the business to determine exactly what their income is and any related finances that are associated with the business.
These forensic accountants will go back five years and look at all of the financial transactions for the business, the associated banking accounts, the checks issued, and come up with a determination based on the type of business, where it’s located in the United States as to what it’s worth, and more importantly, what is the income that is being derived. What is the income that is being retained, that is retained earnings?
These experts are then called to court to testify on your behalf to be able to make sure that you receive your equitable share, not only of the income but more importantly of the value of the asset itself. This may result in you receiving a share of the business. If you are concerned about your ability to prove the income of your spouse in terms of your divorce, it is important to seek experienced legal counsel.
If you are in need of legal counsel, please contact The Penichet Firm and we will be happy to assist you in your family and criminal law matters.