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A forensic tax accountant shares tips and secrets to uncovering financial records and hidden money in divorce and business fraud cases.
Divorce, especially lengthy cases, can be expensive. On average, the cost per person can be between $15,000 to $20,000 and can increase to $100,000 for more complex cases, according to Forbes.
Here are seven avoidable mistakes when it comes to splitting assets as part of a divorce. 1. Keeping the marital home when it’s not financially feasible.
An example of such an asset is the US$15 billion that United Airlines' frequent flyer program, MileagePlus, was estimated to be worth when it filed for Chapter 11 bankruptcy. [2] In divorce cases, a hidden asset is a property that is hidden by one spouse from the other and, as a result, is more difficult to discover during divorce proceedings. [3]
In common law, possession proceedings are proceedings in a court of law due to a dispute over possession of a physical asset. These are common in divorce issues where the parties cannot decide on which of the two will receive possession of a particular object of value.
A divorce settlement entails which spouse gets what property and what responsibilities once the marriage is over. "It deals with child custody and visitation, child support, alimony, health and life insurance, real estate, cars, household items, bank accounts, debts, investments, retirement plans and pensions, college tuition for children, and other items of value, such as frequent flyer miles ...
Post-divorce, an advisor can help you create a new financial plan, establish a budget as a single person, help you understand the tax implications of selling assets and provide guidance on how to ...
The Uniform Marriage and Divorce Act §307 (UMDA §307) [3] also allows for the equitable distribution of property and lists factors the court should consider, e.g. "the duration of the marriage, and prior marriage of either party, antenuptial agreement of the parties [which is the same as a prenuptial agreement or premarital agreement], the ...
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