At this point these buildings are just being held for me in trust for me by my ex. I don't think becoming a business partner is a good idea. Plus he has never offered to put my name on the books. He clearly wants to keep control of it all.
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There was never any valuations or anything done. He is saying the whole value of his business is the 4 buildings he owns (one sold in the same month as our separation).
I've been talking to another commercial realtor guy who just went through a separation and he said that the capital gains are money available to him to do what he wanted whether to buy hookers or buildings, so those gains are marital split. Whether I choose to get bought out now or get my name on title is asset splitting, it is not income to me. Geez, there's strong arguments out there. But this guy just went through his separation under the same circumstances, except that he didn't fight the law.
I told my ex to forget spending his money on a mediator and to spend it on the forensic accountant summary and lets be done with it, but he's going the mediator route- we go on Monday. I'm sure he'll show up with a 100 pages of highlighted financials and maybe a PowerPoint presentation to back himself.
If this mediator is a waste I'm ready to pay the forensic accountant myself.
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Originally posted by Karver View PostThere was never any valuations or anything done. He is saying the whole value of his business is the 4 buildings he owns (one sold in the same month as our separation).
I've been talking to another commercial realtor guy who just went through a separation and he said that the capital gains are money available to him to do what he wanted whether to buy hookers or buildings, so those gains are marital split. Whether I choose to get bought out now or get my name on title is asset splitting, it is not income to me. Geez, there's strong arguments out there. But this guy just went through his separation under the same circumstances, except that he didn't fight the law.
I told my ex to forget spending his money on a mediator and to spend it on the forensic accountant summary and lets be done with it, but he's going the mediator route- we go on Monday. I'm sure he'll show up with a 100 pages of highlighted financials and maybe a PowerPoint presentation to back himself.
If this mediator is a waste I'm ready to pay the forensic accountant myself.
I would demand a business valuation.
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Originally posted by Karver View PostSo if your ex owned some buildings while you were married, you separated and he gave you half the market value of the buildings, would that money be considered your income for CS purposes?
My ex brought up tonight that if he were to borrow money from the other partners in the buildings and pay me out of them would that be good? I said it sounded good to me. Then he said something about it being paid to my company as an income.
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If the business sold the capital gains are the businesses not his or hers. It all depends how the business is setup. It also depends on how he pays himself.
Again this is Business law not Family law. Unfortunately when the two collide it's a big mess.
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Originally posted by dinkyface View PostThe amount of interest on the sale proceeds would depend on how she ACTUALLY invested it, and it would factor into the NEXT year's CS. She would be free to buy and hold a bunch of growth stocks that pay NO income. Or put it into a GIC that pays 2% interest.
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Originally posted by Karver View PostOf course those properties have also been receiving dividends and rental income, which I've never seen a penny of. Ugh. I've talked to regular accountants, but I guess they can be argued against. I guess I gotta push for this forensic accountant to get a final verdict.
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Again this is Business law not Family law. Unfortunately when the two collide it's a big mess.
Once its understand what the net value of the business actually is then you can try to come to a reasonable agreement on how to split. The best way to do this is probably to have your lawyer refer you to a good accountant/tax advisor who can give you some advice on the implications of the different choices. But the first step is to understand the asset.
Income property is a fairly standard type of business so I'm sure it wouldn't be hard for an accountant to give you some good advice here. You're kind of in the weeds until you go to one. It sounds like your lawyer should be pushing for proper disclosure though. Its unclear from your post whether you have that and you do need it.
But this guy just went through his separation under the same circumstances, except that he didn't fight the law.
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