Being self-employed during a divorce may lead to some contentious issues. For this reason, here are a few important tips to keep in mind:
Protect Your Assets and Resources
Be sure to maintain adequate income records if you are self-employed. A former spouse may allege that your income is greater than you are actually claiming. This may negatively impact your financial future, because you may then be required to pay more in spousal maintenance, among other things.
Hire a Financial Expert
It is important to hire a financial evaluator or forensic accountant to analyze your income documentation. If necessary, this individual may testify on your behalf. A forensic accountant or financial evaluator will:
- Evaluate discrepancies;
- Determine business and personal expenses;
- Provide a business valuation assessment;
- Review tax returns; and
- Analyze bank account and credit card transactions, among others.
Think About Getting a Post-Nuptial Agreement If It Is Not Too Late
New York State follows the laws of equitable distribution, which refers to the division of assets and financial responsibilities. Having a prior written agreement regarding the division of assets and resources can benefit both parties to a marriage.
While it can be overwhelming to navigate the complexities of being self-employed during a divorce, seeking the guidance of an experienced New York family law attorney may be crucial to protecting your rights and interests. Call the New York divorce lawyer Heather A. Fig at (631) 419-6111 for more information or to schedule a consultation.