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Business Valuations

Connecticut Rules Against Double Dip in Determining Alimony

July 29, 2019 by Jeffrey Urbach

The “Anti-Steneken” Decision

On May 21, 2019 The Appellate Court of Connecticut ruled against the “double dip” in the case of PENNY OUDHEUSDEN v. PETER OUDHEUSDEN. The decision takes the opposite position of the New Jersey Appellate Court in 2004 in Steneken v. Steneken, 367 N.J. Super. 427 (App. Div. 2004) which decided the “double dip” was permissible.

So, what is the “double dip”? According to NJ attorneys Charles F. Vuotto and Lisa Steinman:

The “double-dip” refers to the double counting of a marital asset, once in the property division and again in the alimony award. More specifically, where a court uses a business owner’s “excess earnings” to value the interest in the business and also fixes support on that spouse’s total income (inclusive of the “excess earnings” used to value the business), a “double-dip” occurs. The tacit acceptance (by some) of a rule against the “double-dip” served to ameliorate the harsh result of distributing undiscounted business values while also fixing alimony on the same income stream used to value a business. However, the recent decision of Steneken, has submerged the availability of a rule against the “double-dip”.

Could this impact NJ divorce law? As of this writing we don’t know if the decision will be appealed to the Connecticut Supreme Court.  As forensic accountants and non-attorneys, we don’t know if New Jersey attorneys, using an out of state case, can try and overturn Steneken – something that would require a New Jersey Supreme Court Decision presumably on a new matter. That effort would take years and thousands of dollars in legal and expert fees. For the right case with enough dollars at stake it may make sense.

If you would like a copy of the PENNY OUDHEUSDEN v. PETER OUDHEUSDEN decision email Jeffrey D. Urbach, partner at jdu1@ua-cpas.com.  Jeff has been providing Court related litigation support services for over thirty years. He is a NJ Roster Rule 1:40 Mediator and is trained in Collaborative Law. Jeff is a CPA, ABV (Accredited in Business Valuations by the AICPA) and a CVA (Certified Valuation Analyst by the NACVA) among other advanced designations.

 

Filed Under: Alimony, Business Valuations, DIVORCE FORUM Tagged With: Alimony, Divorce

Lost in a divorce? Use Divorce Checklist as your GPS

December 20, 2016 by Admin

Divorce Guidebook

When a couple ties the knot, they plan on a lifetime union. Unfortunately, close to 50 percent of marriages end in divorce.  A divorce is never pleasant, but careful planning may make the process less stressful and enable you to obtain a better financial arrangement. To help you through this difficult time, Urbach & Avraham, CPAs has prepared a Divorce Checklist that outlines steps couples should consider.

Click here for Divorce Checklist

Diversion of assets? Unreported income? Family business?

The checklist is an easy-to-understand guide, starting with pre-divorce planning, guiding you through the financial aspects of the proceedings, and highlighting post-divorce issues. This comprehensive list can assist you in navigating through this nerve-wracking ordeal.

The roadmap can help with technical and other questions for your CPA, legal or other financial advisors. We work with many qualified divorce attorneys to seamlessly coordinate your issues.

The Urbach & Avraham Divorce Checklist also highlights complexities presented when a family owned business is involved: Have you engaged a valuation specialist? Suspect unreported income? Accounted for five years of business records?

You’re already coping with many emotional and other issues. We’re here to help lift the burden by assisting you with financial, tax and other matters during this trying time.

 

Filed Under: BUSINESS FORUM, Business Valuations, Diversion of Assets, Hot Topics, Property Settlement Agreements Tagged With: Alimony, Divorce, Property Settlement Agreements

Jeffrey Urbach Awarded Certificate of Excellence from NACVA

July 17, 2012 by Admin

Congratulations to partner Jeffrey Urbach, who has earned a Certificate of Excellence by the National Association of Certified Valuators and Analysts (NACVA) as the 2011 Instructor of Exceptional Distinction. Jeff, a Certified Valuation Analyst, generously shares his expertise and wisdom as a regular lecturer for NACVA, greatly enriching all those privileged to hear him. Jeff is accredited in Business Valuation. His specialty is the business valuation of medical and dental practices, law offices and other professional practices.

Filed Under: Business Valuations, Business Valuations, Business Valuations, DIVORCE FORUM, ESTATE, TRUST, GUARDIANSHIP, LITIGATION SUPPORT, MEDICAL PRACTICES, Taxes Tagged With: Business Valuations, Medical Practices

The Pros and Cons of a Prenuptial Agreement

May 24, 2012 by Admin

While no one enters a marriage expecting to split up, the unfortunate reality is that more than 1 in 2 marriages end in divorce. If you are a physician or business owner engaged to be married, odds are either a friend or family member has recommended you get a prenuptial agreement. Should you listen? Here’s a rundown of the pros and cons you ought to consider. [Read more…] about The Pros and Cons of a Prenuptial Agreement

Filed Under: Business Valuations, Business Valuations, DIVORCE FORUM, LITIGATION SUPPORT Tagged With: Business Valuations, Divorce

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