Podcast Summary
Noticing unique cadences and preserving holiday memories: Notice the unique patterns in colleagues' behaviors and cherish holiday traditions to maintain positivity and connection during challenging times.
Our experiences and traditions from our past shape how we approach the present, especially during challenging times like the ongoing COVID-19 pandemic. The speaker shared how she notices the unique cadence of her colleagues' footsteps and how it can signal potential issues. She also discussed the importance of creating joyful experiences for herself and her family during the holidays, as she believes that children, even at a young age, understand the impact of COVID-19 on their daily lives. The speaker expressed her desire to preserve cherished holiday memories for her daughter, who, like many others, feels the loss of normal experiences during this time. Overall, the conversation highlights the significance of finding ways to maintain positivity and connection, even in the face of adversity.
Creating cherished memories with children through simple traditions: Making a gingerbread house from scratch with children creates lasting memories and strengthens parent-child bonding. Prioritize co-parenting and making the child's needs a priority to avoid missing out on important moments.
Creating meaningful experiences with children, even if it's a simple tradition like making a gingerbread house from scratch, can have a lasting impact on their memories and relationship with their parents. The speaker shared her experience of bonding with her daughter during the gingerbread contest at work, where they had to make the house from scratch instead of using a kit. This proved to be a challenging experience, but the end result was worth it as it created cherished memories for both of them. The speaker also emphasized the importance of co-parenting and making the child's needs a priority, as some parents may miss out on significant moments in their child's life due to acrimonious relationships. The spirit of the holiday season is about making memories and cherishing the time spent with loved ones, especially children.
Divorced parents: Communicate effectively for children's sake: Effective communication and cooperation between divorced parents can benefit children and potentially increase child support. Legal decisions may impact child support calculations.
Effective communication and cooperation between divorced parents can lead to better outcomes for their children and save time and resources in the long run. In the case of Marriage of Hein, the court ruled that business owners can no longer fully deduct certain expenses for tax purposes when calculating their disposable income for child support payments. This decision may increase the amount of income available for child support, benefiting children who rely on this financial support. As a family law professional, it's essential to encourage parents to focus on their children's needs and future relationships, while also ensuring they understand the legal implications of financial matters.
New standard for business expense deductions in child support cases: Only actual business outlays and expenditures, such as depreciation, can be deducted for child support income calculations. Previously, there was a presumption that tax returns were correct, but this new ruling sets a new standard.
The ruling in a recent appellate case clarified that only actual outlays and expenditures related to business expenses, such as depreciation, can be deducted for the purpose of calculating child support income. Previously, there was a presumption that tax returns were correct, and deductions for depreciation were accepted without question. However, the court in this case disagreed and set a new standard for what can be deducted as a loss of income for child support calculations. This decision may not directly apply to spousal support cases, but it could be influential in future cases. Additionally, prior case law held that rental income or depreciation of properties could not be deducted for child support calculations. With this new ruling, it now applies to businesses and equipment outlays as well.
Court rules against solo practitioner attorney's business expense claims: Solo practitioner attorneys can no longer claim vehicle expenses and equipment depreciation as business expenses, potentially increasing income for child support calculations. The burden of proof in this case was shifted from the wife to the husband.
The court ruled against claiming vehicle expenses and equipment depreciation as business expenses for solo practitioner attorneys, as they are not directly related to the practice. This decision, which could impact various industries, may increase income for child support calculations significantly. Moreover, the burden of proof was shifted from the wife to the husband in this case, as his familiarity with his businesses and tax returns placed an undue burden on the wife to prove their incorrectness. The court considers several factors when determining the burden of proof, and this decision sets a precedent not only for family law cases but also for business and tax-related disputes.
Family Law Cases and Financial Documentation for Self-Employed Individuals: Business owners must provide accurate and comprehensive financial documentation for cash flow analysis in family law cases, or face extensive discovery demands and potential scrutiny of claimed depreciations and deductions.
In family law cases involving self-employed individuals or closely held businesses, the burden of providing thorough financial documentation for cash flow analysis has shifted. The court's decision emphasizes the importance of access to information and the undue burden it places on a spouse to conduct extensive discovery to obtain it. This means that business owners must work closely with their accountants and lawyers to ensure all depreciations and deductions are valid in the family law court. Depositions and thorough discovery demands may be necessary to understand line-by-line business expenses. For lawyers representing business owners, they now have an extra duty to prepare for trial and prove the validity of claimed depreciations and deductions. This decision removes some of the mystery around cash flow analysis in family law cases, making it essential for business owners to provide accurate and comprehensive financial documentation.
Transparency and Collaboration in Divorce Asset Splits: During divorce proceedings, transparency and collaboration with the other party's forensic team can lead to a stronger case for trial and potential settlement. Each asset's impact on cash flow should be examined, potentially resulting in higher child support payments and unclear implications for spousal support.
When dealing with business assets during divorce proceedings, it's crucial to involve the other party and provide transparency. This includes working closely with their forensic team to ensure a solid case for trial and potentially encouraging settlement. Each asset must be examined, and its impact on cash flow discussed. This process can lead to higher child support payments due to increased income availability. However, the application of this principle to spousal support is uncertain, as courts prioritize child support for the child's maintenance, and spousal support is typically viewed as a supplement for temporary living expenses. It's possible that future decisions may apply this principle consistently to both types of support for the sake of clarity and fairness.
Determining necessary business expenses in divorce proceedings: Clear communication and thorough documentation are crucial in determining spousal support and business expenses during divorce proceedings.
The recent court case discussed highlights the importance of honesty and discretion in determining spousal support obligations. The court has the discretion to determine if expenses claimed by a business owner are necessary for the business, and this decision will not set a definitive precedent for what qualifies as a necessary business expense. The court in this case did not award attorney's fees to the wife despite a significant income disparity between the parties, which has raised questions and may lead to further appeals or cases in the future. Overall, this case underscores the importance of clear communication and thorough documentation when it comes to determining spousal support and business expenses in divorce proceedings.
