What is Business Goodwill in a Virginia Divorce?

What is Business Goodwill in a Virginia Divorce?

When valuing a small or family-owned business in a Virginia divorce, parties need to be aware of the concept of “goodwill.” Goodwill is divided into two main types: personal goodwill and professional goodwill. Though sometimes hard to tease apart, once a judge determines how much of each type of goodwill is contributing to the value of a divorcing-spouse’s business, that ruling can be monumental to the financial well-being of the husband and wife.

Business Valuation & Division in a VA Divorce

Business Valuation & Division in a VA Divorce

Settling a divorce case in Virginia, where one of the parties owns a business, can be extremely challenging. Businesses are considered “property” and, just like a house or a retirement fund, are divisible upon divorce. Therefore, in a mediated divorce settlement, the value of a family business must usually be quantified in order for both parties to make informed decisions with regard to which party retains which asset/liability post-divorce.

Dependent Exemptions, Child Custody & Divorce

Dependent Exemptions, Child Custody & Divorce

The Internal Revenue Code has changed as of December 22, 2017. For up-to-date information call Robin at (571) 220-1998.

Parents getting divorced often want to know "who has the rightful claim to our child for income tax purposes?"  "Who gets the child exemption?" (which is often referred to as a "deduction").   To answer these questions, we have to first look to the IRS.  Their rules, though not too complicated,  can be confusing -- especially because some of their rules are soft (can be altered by tax payers) and some are hard (cannot be altered).   Also,  there are a lot of myths about the child exemption and other child-related benefits when it comes to divorce and child custody situations.

Key College Planning Questions for Divorcing Parents

Key College Planning Questions for Divorcing Parents

When a couple with children divorces, they need to consider how college expenses will now be planned. Will their original thinking about paying for college look different? Yes. Here are questions they need to consider:

Are you willing to change your lifestyle --even more than a divorce normally alters lifestyle -- in order to continue with your original thinking on paying for college? This may mean less alimony/part-time job/smaller house so that money can continue to be put away for college.

What is a Property Settlement Agreement (PSA) in a Virginia Divorce?

What is a Property Settlement Agreement (PSA) in a Virginia Divorce?

Terms of a Property Settlement Agreement (PSA)

A Property Settlement Agreement (PSA) is a contract between a married couple that sets out the terms of how they will move forward in their lives, during separation and divorce, in the following areas:

Parenting Arrangements (also known as Custody & Visitation) – Sets forth the schedule of custodial care.