Divorce When A Spouse Owns A Cash Business
One of the factors that arises in many divorces is that the couple owns a business together and needs to determine how the business will be divided during the divorce proceedings. If the business in question makes a lot of revenue in cash, it is very important to make sure that someone can accurately investigate all of the incoming revenue to ensure that it is all accounted for during the divorce process.
There are times when there are businesses that when you look at the tax return and then you look at the party’s expenses, you understand that somehow the tax returns are not showing all of the income for these parties. It is important for the both parties to list all of their expenses and means of income during the divorce proceedings.
Then, you try to work things out so that you go to arbitration or mediation in order to get the case settled. You will have to get a forensic accountant in to determine the actual income so that you can see what has to be done and how the parties can agree. Having a forensic accountant is very important because they have experience in the investigation of the funds in question that are tied to the business. They can be the difference between having a simple or much more complex divorce process when determining the future of the business and what the outcome of the divorce process might be.
If you have any questions about what to do when you are going through a divorce with a party who owns a cash business, it is valuable to seek legal counsel from an attorney to determine what the next steps are in order to allow the case to go as seamlessly as possible.
The Law Office of Toby Grabelle, LLC is a family and divorce law firm serving Monmouth County and all of New Jersey that would be happy to assist you in legal counsel. If you need quality legal services, contact the firm for a consultation.