When a party to a divorce or support action owns their own business, any family court action becomes more complex. In addition to the sometimes difficult task of determining the actual income for a self-employed individual, it is sometimes also necessary to determine a value for the business.
Do you or your spouse own a business? Call Vari & Associates, LLC at 305-329-2560 to schedule an appointment. Our lawyers are experienced in business valuations, high-asset divorces and complex support cases.
Calculation of Income for Florida Support Cases Involving Self-Employed Individuals
For self-employed persons, determining the amount of income available for child or spousal support purposes may be difficult. Self-employed persons may not accurately report all of their income on tax returns or may take as deductions certain expenses that are actually personal expenses such as the payment of automobile loans and insurance. For support purposes, certain expenses that are deductible for tax purposes may not be deductible from income for support. The family courts will carefully scrutinize the income claimed on the tax returns of self-employed individuals for these reasons. In many situations, our Miami divorce attorneys will employ a forensic accountant to assist in analyzing the income of a self-employed individual and to provide a report and testimony to the family court regarding their findings.
Valuing a Business for Florida Divorce Purposes
One of the questions our Florida divorce attorneys must answer is whether the business owned by an individual spouse is a marital asset and, if so, what is the value of that marital asset. Once the business is characterized as a marital asset, our Miami divorce attorneys oftentimes retain a business valuation expert to help us determine the marital value of the business. Whether the business is a medical practice, a construction company or a retail store, our Miami divorce attorneys have a network of professional business valuation experts that we work to determine the business' value for family law purposes.
Helping Us Help You with your FL Divorce Case
One of the most important things you can do to help us and save on attorney's fees is to keep accurate records, including tax returns, bills, invoices, etc. If it is your spouse's business, you can help your case by obtaining copies of all of that information. For ways that you can help us, help you, click here.
Contact our Miami Divorce and Business Valuation Attorneys
To learn more about our Miami divorce attorneys, and to schedule an appointment to speak with one of our experienced Miami business valuation attorneys, call us today at 305-329-2560, or send us an e-mail.
Our Miami law office is open Monday through Friday from 8:00 a.m. - 5:00 p.m. and evenings by appointment. Consultations are available in person at our downtown Miami law office and at several meeting locations throughout Dade and Broward Counties including Lincoln Road in Miami Beach, Galiano Street in Coral Gables, West Country Club Drive in Aventura, Hollywood Boulevard in Hollywood and in the Homestead area. Appointments are also available by telephone and via Skype internet video chat.
Our FL family law office routinely accepts divorce cases involving self-employed business owners in Dade County, Broward County and Monroe County. To learn about the local county procedures in Miami-Dade County, click here.