This article was originally printed in the On Balance, the magazine of the Wisconsin Institute of CPAs, March/April 2013.
Divorce and child support cases often are highlighted by disputes over money. One party may be accused of artificially depressing earnings, hiding assets or manipulating the finances to lower the financial obligation to another party. Understanding the complete picture of the finances is necessary before a fair settlement can be reached.
Chicago divorce attorney Jeffrey Knipmeyer, partner at Nottage & Ward, cautions that spouses of individuals hiding income and assets rarely have the financial sophistication to recognize that manipulation is occurring. He adds that during the marriage, they typically have been hands-off, and their only knowledge of the finances depends on what the spouse has communicated. Continue reading
If you’re a family law attorney practicing in Wisconsin, you might want to consider attending a State Bar of Wisconsin CLE seminar being presented by Gregg Herman and Al Dassow on January 11, 2013. They’re talking about Tax and Tax Fraud Issues in Family Law.
Gregg Herman has been practicing family law since I was a little kid (he’s going to hate me for saying that), and I’m fortunate to run into him in my office building from time to time. He has blogs on family law issues, and I urge you to take a peek at his blog and put it into your RSS reader so you can keep up with it. He has been blogging faithfully for the better part of a year (no small feat!) and I am looking forward to reading more. Continue reading
Today the Wall Street Journal had a piece about the Texas Supreme Court considering whether to allow people to use fill-in-the-blank forms for divorces, potentially saving them a lot of money in legal fees. It is possible to handle your divorce pro se, but there is a concern that people are doing so to their own detriment. In an effort to help do-it-yourself divorcees, 36 states currently have fill-in-the-blank forms for divorce.
It is simple to find forms to use in your divorce, but some attorneys say that this is a problem because divorcing couples don’t use the right forms, become a burden on the courts when they require hand-holding, and can make uninformed decisions during the process of the divorce. Continue reading
This article was originally printed in the ABA Section of Family Law eNewsletter, Feb/March/April 2011.
When a divorce or a child support issue is looming, it’s amazing how a quickly a closely held business starts “losing money.” I use quotes because such a situation is so predictable. One party wants to protect her or his assets, and when there is a business involved, the motivation to hide money can be stronger than usual.
The types of businesses that can be prone to manipulation of the books include restaurants, retail stores, doctor or dentist offices, construction companies, auto dealerships, and law practices. This list isn’t exhaustive by any means, but it provides good examples of businesses at risk of financial maneuvering. Continue reading