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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 06-02-2011, 12:35 PM
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Default Thoughts on using a Certified Business Valuator to calculate imcome to imput?

My ex's lawyer wants to have my certified business valuator communicate directly with theirs. This is so that we can work out what to impute back into my ex's income. She has not been forthcoming and open about her biz deductions.

My thoughts are CBV are experts on determining business values and lost income (accident cases, etc.). But I am not sure that a CBV is knowledgeable about imputing income for Family law purposes (Section seven expenses and child support) which I understand has different rules than revenue Canada regarding biz deductions.

I lawyer told me her rule of thumb is that if my Ex work for a company would she be reimbursed for these deductions? (i.e. mileage driven to and from work, cell phone since she would have need a personal one anyway, Booze and food in the office , home internet, etc.)

What are your thoughts?

thanks.

CD
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Old 06-04-2011, 03:37 AM
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I have a similar problem. A business valuator values businesses to be sold don't they? Do they review business expenses? I don't know. I would think a CGA would know all the tricks to hide income in expenses. Also I think bank accounts records can reveal personal expenses put onto the corporate credit card which have to be added back in to personal income of business owner.
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Old 06-06-2011, 06:09 PM
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They review some business expenses but not the same way it's done for family court proceedings. Similar to the way Revenue Canada will accept certain business expenses as vaild where family court does not.

I have looked at her expenses and many do not seem valid and on top of that she has expenses that is OK for revenue Canada but not OKL for family court.

Who is better to figure this out? CBV? Family lawyer? Accountant?

I would love to know.

Does anyone have any thoughts on this?

CD
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