Nov 01 New Marriage or Partnership? Time for an Updated Estate Plan!
The Treasury Department updated its frequently asked questions on July 8, 2024. The big news: if the plan was to dissolve the company before 2025, you must register! ...
Feb 09 Taxes and Divorce
How do you handle your taxes as a couple navigating separation and divorce? We're going to explore the answers to these questions here....
Apr 20 Getting a New Jersey Divorce? Beware of Spousal Double Dipping
[caption id="attachment_2747" align="alignright" width="300"]
New Jersey courts allow double dipping: the nontitled spouse receives their share of business value, which is based on future income, and on top of that, receives a portion of that very same income as it is earned.[/caption]
In a divorce case in which one spouse owns a business, the business is generally subject to equitable distribution; that is, each spouse receives their equitable share of the value of the business. Practically speaking, this does not mean that the business is sold and the proceeds divided but rather, that the nontitled spouse receives money or other property equal to their equitable share of the business value. The problem arises in the conflict between the income stream used to value the business and the income stream used to calculate spousal support.
Feb 09 Why You Need a Business Valuation
When is it necessary to have a business valued? There are many more reasons than you think!
- The most common need for a valuation arises in the purchase or sale of an existing business. Whether the entire business or a partial interest is being sold, a good valuation is a necessity.