When a spouse owns their own business, it is imperative to figure out what their income actually is during a divorce or separation process. Sometimes that’s not so easy. If the parties cannot agree by stipulation what the income actually is, or at least for the purposes of the divorce or separation what the income actually is, the party seeking the information can go to court and have the court appoint an expert. This will generally be a forensic accountant, who will do an audit and examine documents relevant to that business. Doing this will help determine not only what the income stream is, but potentially what that business might be worth for equitable distribution purposes.
Robert Pollack is an experienced divorce and family law attorney in Long Island, New York. Contact The Pollack Law Firm, P.C., to set up a free initial consultation.