Financial Issues in Divorce: From Moderate to High Net Worth
Category: On Demand
Member Price: $180
Non-Member Price: $225
Areas of Law: Family
|NJ CLE:||NJ CLE information: This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 2.4 hours of total CLE credit (Full Credits Available: Matrimonial Attorney-General: 2.4, NJ General: 2.4).|
|NY CLE (t&nt):||NY Professional Practice Transitional: 2.0|
|PA CLE:||PA Substantive Credit: 2.0
$8.00 fee – separate check payable to NJICLE must be submitted at the end of the program
- Kevin Baldwin, Esq.
- DLA Litigation Services, Shrewsbury
- Sandra C. Fava, Esq.
- Fox Rothschild LLP, Morristownis a Partner in the Family Law Practice in the Morristown, New Jersey, office of Fox Rothschild LLP. A certified mediator, she often represents high-net-worth individuals, entrepreneurs, corporate executives, professionals and business owners or their spouses in a variety of family law matters, from the negotiation of prenuptial agreements to separation and divorce proceedings, mediations and arbitrations, trials and post-judgment matters and appeals. She also represents clients in a full array of post-judgment matters, including property or marital settlement agreement enforcement, college contribution disputes, modifications of alimony or child support, and appeals from unfavorable judgments; and represents same-sex couples in complex and rapidly evolving areas of family law that include custody disputes between biological and non-biological parents and same-sex alimony, child support and asset distribution.
nAdmitted to practice in New Jersey, Ms. Fava is Past Chair of the Essex County Bar Association’s Family Law Committee, a Trustee of the Association, and a member of the New Jersey Association for Justice’s Family Law Section Committee and the Family Law Section of the New Jersey State Bar Association. She is also a member of the National Association of Professional Women and the CASA Board of Trustees, an Early Settlement Panelist for Essex and Morris Counties, and was appointed to the District XB Ethics Committee. She has lectured at continuing legal education seminars and is the recipient of several honors.
nMs. Fava received her B.A. from Rutgers University and her J.D. from Seton Hall University School of Law. She was a law clerk to the Honorable Stephan B. Hansbury, Superior Court of New Jersey, Family Part, Morris County.
“Net income cannot buy groceries - only cash can.”
Courts commonly hear this argument from a child support or alimony Payor who operates a business. The Payor argues that support orders should be based on business cash flow. The support Recipient counters that the support orders should instead be based on business net income, which more accurately measures recurring earning capacity. Only a judge is able to distinguish between genuine and manipulated cash transactions can set support fairly, and only a lawyer familiar with those distinctions can advocate capably.
Business cash flow can be manipulated with transactions such as:
Accelerated payment of expenses
Accelerated payment of debt
Purchase of capital assets
Purchase of excess inventory
Misstatement of ending inventory
Deferral of receivables collection
Loans to third parties
Accumulation of cash reserves
This spirited program explains each cash flow transaction, then demonstrates closing argument techniques illustrated with deposition testimony, tax returns and financial reports. Its topics are relevant in modest, middle income divorces as well as cases involving high net worth.
Hear from an expert panel who will discuss:
What is the standard of value?
How to select a proper expert
How to choose the appropriate valuation methodology for the business and your case
Locating hidden value
Discovering the real value of the business: Finding the second set of books in a cash business
Dealing with changes in value
Methods of distribution
Selecting the appropriate percentage
Cost effective techniques for the small business valuation