If you’re facing a divorce, it probably goes without saying that it’s hard to tell whether you’re coming or going most days. Saying that you aren’t sure where to turn for help is definitely an understatement, but a good Tampa divorce lawyer should be toward the top of your list. Keep the following considerations in mind as you evaluate your options to ensure a choice you’ll be happy with.
Know Your Needs
Some divorces are definitely more complicated than others, so think about where yours probably falls on the scale. A couple without children, shared property, accumulated assets, or much money in the bank is naturally going to have a less complicated divorce than a couple who has to worry about all of those things in spades. The more there is at stake, the more likely you are to need a bigger firm or a more experienced lawyer in your corner fighting for your best interests.
Find a Specialist
Regardless of the intricacy of your divorce, make sure you hire a lawyer who specializes in divorce or family law. Even an experienced lawyer with a great track record isn’t going to be of much use to you if he rarely handles divorces. You don’t necessarily have to hire someone who only handles divorces, but you’ll definitely want someone who does so on a very regular basis.
Do Your Homework
In addition to researching the lawyer you’re considering to make sure he’s up to snuff professionally, you’ll want to interview him directly as well. Is he able to answer your questions to your satisfaction, and is he experienced in regards to any sticky issues you may be facing over the course of your divorce proceedings? Are his rates reasonable? Did he leave you feeling confident in his ability to handle your case?
At the end of the day, hiring a divorce lawyer is like hiring any other professional. You want to make sure you have the right person for the job before you sign on the dotted line.
When dividing a business that was created during your marriage, you have to allow your emotions to stay at the door instead of letting them overwhelm you. Stress can make you think about altering records, hiding income, or out-and-out lying – but don’t do it. Complicating the divorce with untruths and hidden assets will cause the problem to drag on for longer than necessary and can cost you thousands of dollars. Here are some simple facts about what happens to a business during a divorce.
Is the Business Community Property?
If you created the business during your marriage, it does not necessarily follow that the company is community property. Depending on where the start-up money came from, when the business was created, and how the investment was handled, the company could be outside the purview of the community. Consider talking to a divorce lawyer Orlando FL and a forensic accountant about the impact the ‘community’ had on the business and the value extended from the ‘community’ to the company.
How Can You Value Your Business?
Although you may see your company as a living, breathing machine filled with bodies that walk and talk, your forensic accountant can take an unbiased look at the business as an asset. That means that just like every other asset in your mutual property portfolio, your company needs to be valued and characterized. This valuation and characterization can play a major role in determining how much your spouse receives after the divorce.
What About Double Dipping?
A divorcing partner can not get one-half of the business and spousal support generated from the other half. This is called ‘double dipping.’ This is why a good forensic accountant can be a valuable team member when a business is part of the divorce property division.
Whether your business is separate property or community property is just the beginning of the information needed for this complex issue. Getting insight into how to handle the division of property from your divorce lawyer is only the first step.