Divorce and Domestic Relations Litigation: Financial Adviser's Guide PDF
Preview Divorce and Domestic Relations Litigation: Financial Adviser's Guide
Divorce and Domestic Relations Litigation ________________________ _____________ Financial Adviser’s Guide Thomas F. Burrage Sandra Morgan Little John Wiley & Sons, Inc. Divorce and Domestic Relations Litigation Divorce and Domestic Relations Litigation ________________________ _____________ Financial Adviser’s Guide Thomas F. Burrage Sandra Morgan Little John Wiley & Sons, Inc. This book is printed on acid-free paper: Copyright © 2003 by John Wiley &Sons, Inc., All rights reserved. Published by John Wiley &Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada. 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For general information on our other products and services, or technical support, please contact our Customer Care Department within the United States at 800-762-2974, outside the United States at 317-572-3993 or fax 317-572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data: Burrage, Thomas F. Divorce and domestic relations litigation : financial adviser’s guide / Thomas F. Burrage, Sandra Morgan Little. p. cm. Includes index. ISBN 0-471-22525-8 (cloth : acid-free paper) 1. Divorce—Law and legislation—United States. 2. Matrimonial actions—United States. 3. Divorce—Economic aspects—United States. I. Little, Sandra Morgan. II. Title. KF535 .B88 2003 346.7301’66—dc21 2002155495 Printed in the United States of America. 10 9 8 7 6 5 4 3 2 1 About the Authors ________________________ THOMAS F. BURRAGE, CPA/ABV, CVA, DABFA, joined Meyners & Company in February 1998 and has been a practicing CPA in Albuquerque since 1973. He is principal-in-charge of the firm’s nine-person Litigation and Valuation Services Department. His fields of expertise include litigation support, business valuation, tax- ation, and management advisory services. He has been qualified as a witness in insurance claims of lost earnings, fraud and malprac- tice, minority shareholder suits, insider trading cases, damages, business valuation, and domestic relations cases. Tom has testified in district and federal courts throughout New Mexico, been appointed Special Master, settlement facilitator, and in many instances has served as the court’s Rule 11-706 witness. He has par- ticipated in numerous reported cases. Tom holds the Accredited in Business Valuation (ABV) desig- nation from the American Institute of Certified Public Accountants and is also a Certified Valuation Analyst. He is a member of the National Association of Certified Valuation Analysts and serves on the NACVA’s Mentor Support Group and on its Speakers Bureau. He specializes in work that includes the determination of fair mar- ket value of privately held business entities for purposes of retire- ment benefit programs, estate planning and estate valuations, mergers, acquisitions, sales, marital dissolutions, and buy-sell agree- ments; expert court testimony; and determination of the value of specific shares of stock, debt instruments, and streams of future pay- ments. He is a contributing editor to the Guide to Divorce Taxation and the Guide to Tax Planning for High Income Individuals, both pub- lished by Practitioners Publishing Company. Tom was recently named an Editorial Adviser to the Journal of Accountancy. A member of the American Institute of Certified Public Accountants, Tom serves in the organization’s Tax and Manage- ment Advisory Divisions and sits on its Family Law Task Force. He is also a member of the New Mexico Society of CPAs. Tom is Past v vi About the Authors President, Treasurer, and board member of the New Mexico Arts & Crafts Fair, an advisory board member to People Living Through Cancer and the Pastel Society of New Mexico, and a member of the UNM Lobo Club. He also served as Treasurer of New Vision, Inc. Tom holds a Bachelor of Business Administration degree from the University of New Mexico. Sandra Morgan Little, JD, is a Shareholder in the Albuquerque, New Mexico, law firm of Little, Gilman-Tepper & Velasquez, P.A. She is Past Chair of the American Bar Association Family Law Section and is a New Mexico Board Certified Family Law Specialist. Sandra is a Fellow of the American Academy of Matrimonial Lawyers and a Diplomate of the American College of Family Trial Lawyers. She has been listed in Best Lawyers in America for over 10 years. She is a frequent lecturer and author in the area of family law. Contents ________________________ Preface xi Chapter 1 The Financial Adviser’s Impact on Divorce Litigation 1 Chapter 1 Nature and Administration of the Practice 1 Chapter 1 State of the Law 4 Chapter 1 Initial Meetings with Counsel or the Client 4 Chapter 1 Child Support 12 Chapter 1 Property Issues 13 Chapter 1 Tracing of Assets 19 Chapter 1 Division of Property 19 Chapter 1 Other Issues 20 Chapter 2 The Financial Adviser’s Role in Divorce Litigation 21 Chapter 1 The Financial Adviser’s Role 21 Chapter 1 The Divorce Process 25 Chapter 1 Trials 31 Chapter 1 Neutral Roles 35 Chapter 3 The Determination and Taxation of Divorce Property Divisions 37 Chapter 1 Property Theory and Issues 37 Chapter 1 Family-Limited Partnerships 89 Chapter 1 Taxation of Property Transfers 93 Chapter 1 Redemption of Stock in a Closely Held Corporation 94 Chapter 4 The Valuation of Businesses in Divorce Litigation 97 Chapter 1 Business Valuation 97 Chapter 1 Standards 99 vii
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