Community and Separate Property Texas has adopted the community property system. Only eight other states have such a system: California, Arizona, New Mexico, Louisiana, Washington, Idaho, Nevada and Wisconsin. Under the community property system, all property on hand at the date of marriage, or … [Read more...]
Understanding Your Business Valuation
A business valuation is generally based on the following three approaches: Asset based approach Market based approach Income based approach This blog will focus on the income based approach due to its wide application. But, keep in mind, a thorough valuation will include all three … [Read more...]
How Good Is That Business Valuation?
Consider the following language. “We relied on information received as fairly reflecting the operations of XYZ Company and have made limited investigation as to the accuracy and completeness of such information. We, as valuation consultants, have not verified this information as part of this … [Read more...]
The Dependency Exemption
Divorcing parties often want to know which former spouse will be entitled to the $4,000 (for 2015) dependency exemption. The exemption is granted with respect to a “qualifying child”. The rules are found in Internal Revenue Code Section 152 and there are many exceptions and requirements. … [Read more...]
Unreported Income and Hidden Assets
Unreported income and hidden assets are often alleged in divorce, especially in high net worth cases. Such claims are usually made by a spouse who is either not running the family business or has not been involved with the family finances. Under-reported income can impact child support and spousal … [Read more...]
Tax Returns and Divorce
If you are in the process of divorcing your spouse, you may be interested in having some information about filing your tax return. The IRS treats you as married if on the last day of the tax year you still don't have a final divorce decree or separation agreement. This means you can only choose … [Read more...]
ATTACHMENT STYLES IN A DIVORCE
ATTACHMENT STYLES AND THEIR IMPLICATION TO THE COLLABORATIVE DIVORCE In March 2015, CLI-TX sponsored a two day training workshop, “Attachment Styles and Their Impact on Divorce”. The first day was presented by a couple of Canadians; one an attorney and the other a mental health professional covering … [Read more...]