Identifying the value of a privately held business or business interest to be divided in divorce is one of the most difficult, time consuming, and expensive tasks involved in separating financial assets. This is even more the case in 2020 when the impact of Covid-19 may have exposed a business’s vulnerabilities or, conversely, opportunities that … Continue reading Investments in Private Companies: What information does a divorcing spouse need in order to evaluate these interests?
The new tax law, Tax Cuts and Jobs Act of 2017 (“TCJA,”) impacts many of the most commonly negotiated terms in divorce. I’ll briefly cover just a few here. Please be sure to review your tax status with your tax planner or attorney before next year. Alimony: For divorce decrees after December 31, 2018, alimony … Continue reading Divorce and the New Tax Law
An attorney called me concerned that her client, Jill*, would not be able to afford to keep the family home after divorce. Jill wanted to keep that home but the attorney believed her budget couldn’t tolerate the payment. Jill insisted that she could figure out a way to make it work on her salary as … Continue reading In Divorce, Nearly Missed Opportunity – The Mortgage Payment
A post divorce prospective client, Linda*, called me last week. She signed her divorce decree over a year earlier and is now trying to divide property and accounts. Linda was awarded the home and previously unidentified expenses have come up. She may have to sell the home as is, at a reduced value. Likely proceeds … Continue reading Deferred Maintenance on the Primary Home or other Real Estate in Divorce
Many a highly trained family law attorney will “tax affect” retirement accounts by using the after tax value of a retirement account on a couple’s inventory of assets. As a divorcing man or woman you need to know that this method of valuation is more of a negotiation tactic then economics. Left unchecked, the spouse receiving more of the … Continue reading How Should Retirement Assets be Valued in Divorce?