IN THE PROFESSION
Though the future holds many unknowns , it was refreshing to see so many practitioners who work hard every day to keep cases moving and clients confident and satisfied in their financial matters , and that there are many helpful resources for us all . of business valuations , including the oftenforgotten common sense approach .
All three presenters agreed that the hardest question to answer for clients is “ how much will this cost ?” So many factors go into a business valuation , including the historical record keeping abilities of the business , market factors , goodwill , and miscellaneous adjustments based on specific issues related to the business . Having the financial expert appear in court may add to the cost , but as Holder shared , the Judge needs a number , and it is the expert ’ s job to provide it … though sometimes a range may be better .
II . Income and Child Support Issues Financial expert Ansley Callaway and family law attorneys Onyema Farrey and Jeanette Holmes provided an entertaining example of a bad actor trying to hide his true income during a divorce to reduce his child support obligation . The hypothetical father invested in several companies , but also had W-2 income and various distributions from business entities . He somehow had the means to buy a Mercedes-Benz , but was unable to provide temporary support to the mother . The trio described the importance of seeking out tax returns and financial statements of all entities that you are aware of during discovery . A forensic accountant can help you pilfer through the documents and calculate a monthly income for your client and / or the opposing party . New changes to the child support statutes may also allow someone ’ s mortgage or rent payments to be considered income ( if paid by a non-party , such as a paramour ). See O . C . G . A . § 19-6-
15 ( i )( 1 )( A ). The change to the child support statute now includes mention of “ ability or inability to pay .” Further , the Child Support Guidelines have greatly expanded the criteria for imputed income , so it can be more of an art than a science for the factfinder . The presenters suggested using reports published by the Bureau of Labor Statistics to support the theory of what a party ’ s earning capacity could or should be .
III . Picking a Financial Expert Family law practitioners Kelly Reese and Michael Hodes answered the question we all began asking after watching the last two panels , “ I know we need expert help for our case , but who ?” Often throughout the program , panelists and hosts alike praised the financial experts who presented and complimented their approachability and helpful demeanor . While all are helpful and capable , each financial expert may have a niche that would better qualify them for your client ’ s needs . In summary , it is crucial that you know the needs and complexity of your case , in addition to the financial means of the party when choosing your expert .
IV . Complex Financial Issues in Divorce Financial expert Dan Branch and family law attorney Alexander Cutler teamed up to cover the more complicated financial issues in divorce cases , which opened our eyes to some pitfalls that family law practitioners may encounter in the future . The biggest take away in this lesson was to seek expert help when the situation is complex , such as when a client has a trust or there are assets that can not be easily divided , such as business interests , stock options , or deferred compensation .
V . Tax and Bankruptcy Issues Jason Wiggam and Will Geer did an excellent job of teaching family law practitioners how to navigate the related issues of tax controversies and bankruptcy in divorce cases . The IRS recently increased efforts to enforce tax evasions and crack down on improper tax schemes like Syndicated Conservation Easements . In some cases , family law attorneys find themselves referring their client to a tax or bankruptcy attorney . When a client comes to you with a tax and / or debt situation , several options need to be explored , including bankruptcy , innocent spouse relief , and indemnity provisions . While some debts are dischargeable in bankruptcy , domestic support obligations , such as alimony and child support , are not dischargeable .
VI . Teaching an Old Dog New Tricks Financial expert Beth Garrett and family law attorney David Sarif led a presentation through different schedules we may see on individual tax returns and what to keep a lookout for when reviewing those materials . They also discussed the realities of dividing marital businesses and implications that come along with doing so . In addition to being a tax expert , Garrett also has a Juris Doctorate , which gives her a unique perspective when approaching family law clients . Garrett and Sarif shared war stories about cases , including those in
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