Going through a divorce or legal separation can be an emotionally taxing process, requiring the assistance of attorneys, mediators, and the state court system. Couples looking to divorce or separate must consider custody and visitation as well as how to divide the property they obtained together throughout the marriage.
Another important consideration while going through a divorce is the payment of taxes. As part of a divorce action, both parties are entitled to full financial disclosure. This means that each party must disclose all assets he or she has an interest in (including businesses) and debts. Often the financial documents for the business are combed through during the course of a divorce. Bearing in mind, a judge and your spouse can report any failure to report income or properly pay taxes, it is important to consult with your accountant in order to ensure you and your business are not at risk of exposure during the divorce process.
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