| Valuation of Closely Held Businesses in Divorce Proceedings |
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| Generally, divorce cases involving thorny property issues can be complicated to resolve. This especially is true when the marital estate includes a closely-held business. A closely-held business usually presents one of two scenarios in the divorce context. The business may be tied to one spouse who is responsible for the business's success. Distribution of the business to one spouse often creates asset allocation and business valuation issues. It presents the problem of valuing the business and structuring the parties' assets and liabilities in order to provide the other spouse with a comparably valued property distribution. If the business depends on the operating spouse's good will and management, which many closely-held businesses do, then the true value can suffer under the emotional stress common in divorce even if the business is distributed to the key-person spouse. A business having one value when operated by the key-person spouse can have a far different value when distributed to the non-operating spouse. More... |
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| Alimony: Reimbursement Support |
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| Reimbursement support is one way in which a spouse (the paying spouse) who received the other spouse's (the receiving spouse's) monetary support during marriage repays that support after the parties divorce. The benefit rendered could be in the form of educational costs, money spent toward establishing or operating a business for the supported spouse, and similar types of support. To be eligible for reimbursement support, the benefits should have been received during the marriage, and the receiving spouse should have provided most of the family support during the marriage period in question. More... |
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| Fault-based Divorce: Cruelty |
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| There are two basic approaches to divorce: fault-based divorce and "no fault" divorce. Most states permit a "no fault" divorce on the grounds that the marriage is irretrievably broken. Some states still require a fault-based divorce, some allow no-fault divorces, and a few states permit both. The fault grounds or reasons for divorce vary from state to state. Cruelty is a specific fault ground for divorce in most of the states that allow fault based divorces. Prior to the introduction of no-fault divorce grounds, cruelty was the most frequently used reason in seeking a divorce. More... |
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| Vacatur of Divorce Judgments |
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| "Vacatur" is an order of a court which sets aside or annuls a proceeding. When a judgment of divorce is vacated, the marital rights and status of the parties are restored, and the parties are placed in the position in which they were before the divorce. More... |
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| Financial Discovery Issues in Divorce Cases |
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| In divorce, financial discovery concentrates on the economic aspects of the marriage and the spouses' financial circumstances. Detailed financial discovery allows both spouses to obtain the information needed to present a complete and accurate representation of the family's assets and liabilities. With that information, the divorce court can fashion a fair marital property division and an appropriate support order. More... |
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