Earlier this year, I recorded a Sound Advice podcast for the American Bar Association’s Section of Litigation. When dividing shared business assets in a divorce, it is important to fully evaluate the finances of the businesses. It is impossible to fairly divide these assets if you do not dig into the financial details.
This podcast goes through the financial documents needed, including the tax returns (and which forms you should ask for, based on whether the business is a corporation, partnership, LLC, or sole proprietorship), the financial statements, and the detailed accounting records.
It is not uncommon for opposing counsel to object to producing certain documents. In particular, there is commonly resistance to producing income tax returns for the entities. The podcast walks you through the importance of these documents, arguments that might be used when refusing to produce them, and how you can support your demand for those documents.