Business Issues in Divorce

If you own a business or professional practice and are going through a divorce, then there are a number of special considerations that must be taken into account.

Your business or professional practice will need to be valued to determine how assets will be divided in your divorce in Canada.

The nature of a business or professional practice – and the fact that it depends so much on you, your skills and your relationships – make it complex to value.

As well, you may be self-employed. Your income will need to be determined for child support and spousal support purposes. Determining your income is a lot more complex to determine than the income of a salaried person, who can just look at his or her T4.

Many expenses you deduct from your income for tax purposes will not be deductible in computing your income for Canadian family law purposes.

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