During a divorce, it is essential to keep in mind that the family business is an asset and a source of income. The parties to a divorce are entitled to divide the marital portion of the business as part of the equitable distribution of their marital assets, and the income the business earns will be considered in determining child and spousal support.
How is the value of the family business determined, then? Besides business tax returns, which do not show the full financial picture of the business, it is important to review and analyze all records. Additionally, “lifestyle analysis” is a viable option since business cash transactions are hard or almost impossible to track.
Rudyuk Law Firm, PC works in close collaboration with highly regarded professional business evaluators and forensic accountants to establish and present to the Courts a true value of the business.
Attorneys at Rudyuk Law Firm, PC are skillful negotiators in settling the distribution of marital assets issues. However, if an agreement is not feasible, and one party is playing a game of hiding incomes and assets of their business, then, it is important to remember, that there are remedies available in NYC Courts to investigate and dig deeper to establish a true value of the business.
Contact Rudyuk Law Firm, PC for more information.