A comprehensive guide to understanding financial information in family law
This book is essential for: All family lawyers.
The first edition of this manual, Understanding Financial Information: A Family Lawyer's Guide, was published in 2003. With the second edition the title became Financial Issues in Family Law to reflect the expanded scope of the material—coverage on interests in trusts as family assets. The book guides the family lawyer through the difficult issues surrounding the treatment of trust and business interests on marriage breakdown, including the characterization of these assets, financial disclosure, valuation, methods of division, tax consequences, and determination of Child Support Guideline income.
Written by the experts, Financial Issues in Family Law is the family law primer for working with the experts on these complex issues. To make the subject matter most accessible, sample documents are presented and annotated, including financial statements for a sole proprietorship, a holding company, and an operating company, business valuations of the holding company and operating company, a trust agreement, sample tax returns, and a calculation of income for Child Support Guideline purposes.
Highlights of the 2009 update:
The 2009 Update incorporates developments in law and practice up to approximately September 1, 2009. It highlights significant developments since May 2006, and includes new and extended discussions of:
- discretionary and contingent trust interests as family assets
- financial statement analysis
- valuation dates
- special shares
- valuing a book of business
- split pension amounts
- non-arms-length payments
- working capital
- imputed income
New to the 2009 Update are sample work sheets for use in calculating income under the Child Support Guidelines, cross-references to the new Supreme Court Civil Rules and Supreme Court Family Rules, and updated legislative citations. The update also provides revised versions of the case table, statute table, and index.