Proof Of Spouse’s Income
In the event that you and your spouse are in the process of getting a divorce, a situation may arise in which your spouse is a business owner. To determine what you might receive as far as assets go, it is important to prove your spouse’s income accurately.
If the court finds the business to be part of martial property, it will be equitable distribution according to New Jersey State law. Equitable distribution is the process by which any assets that are considered marital property are distributed. The business owner may be subject to an investigation of their finances and book keeping throughout the term of their ownership.
When one spouse owns a business, the business has to be evaluated by an accountant that is called a forensic accountant. This accountant will determine the actual income of the company, or the business, and it will also determine a value, if there is a value for that business. It is all done by a forensic accountant, not by the attorney. The forensic accountant plays a large part in what you might receive, if anything, from the business that your spouse owns.
The forensic accountant does a thorough investigation of every single aspect of the business in question to find as much information as they can. One of the most important things the forensic accountant can do is to make sure that the spouse who owns the business is not hiding any funds accounts that you don’t know about. They need to look at all of the revenue, loans, expenses and any other financial statements that relate to the business.
If you are the spouse of a business owner and find yourself getting a divorce, it is important to be aware of what you are entitled to during the equitable distribution process. Consult an experienced divorce law attorney to determine how they can assist you during this time.
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.