Divorces are pretty complicated matters as is, but when one of the spouse’s finances are not available through a W-2 form, there is an added layer of complexity. It is important that both spouses are able to present their financial information truthfully and with as much detail as possible.
There are a number of different complications that arise when it comes to dividing marital property if one spouse is a business owner. First, the business will need to be assigned a value by a financial expert or forensic accountant. They will look at the expenses and profits of the business, the number of employees that the business is responsible for paying, and all other financial information related to the business. If the forensic accountant believes that the business is providing false information, the Internal Revenue Service may have to get involved.
Another complex matter is in determining whether the business can be considered marital property. If so, it may be divided in the equitable distribution process, which may not be favorable depending on the situation. That is why if you are a business owner, you will need the dedicated legal representation of an experienced divorce attorney.
If you are a business owner, we are here to protect your business. If you are the spouse of a business owner, we can help you make sure your spouse is being truthful about the finances of the business so the equitable distribution process is truly equitable.
Peter V. Mandi, Esq. is an experienced divorce and family law attorney located in Bohemia, New York. If you require strong and dedicated legal representation in Long Island, New York, contact Peter V. Mandi & Associates, Inc. today for a free consultation.