South Carolina Divorce Attorneys: Your Family Law Rights During Your Divorce
If you are facing divorce in South Carolina, you know family court may be unlike anything you have ever experienced before. Divorce is an emotional experience which jeopardizes your financial future, and likely involves serious issues, including child custody arrangements and evaluating the worth of your family business. The best thing you can do is to call today for a consultation in Columbia S.C. We have the family court legal knowledge and experience you’re looking for.
We handle the following divorce issues:
- Divorce and Separation
- Child Support and Alimony
- Child Custody and Visitation
Call the Strom Law Firm today in Columbia for a divorce consultation to . 803.252.4800.
Actions to Take Before Your First Meeting With A Family Court Divorce Lawyer
Being prepared in your initial meeting with your divorce attorney can go a long way towards making sure that your family law attorney has all of the information necessary to get started on your case. You should begin collecting all of your important legal documents, so that they will be readily available.
In preparation for your initial meeting with one of our a divorce lawyers in Columbia, you should:
- Begin filling out the South Carolina financial declaration form.
- Pull together any and all South Carolina real estate documents for property that you own. In many cases, the clients may agree as to the reasonable value of the primary marital home, who should stay in the home, and whether the property should be retained by one of the parties. When facing these complicated financial issues, it is important to make sure that you understand the tax implications of selling the primary marital residence, a vacation home, or even a business owned by one of the parties.
- Collect all relevant business financial documents, including
- SC and FederalTax returns and financial statements for the past three years,
- Detailed accounting records including bank statements for the past three years
- Any information related to the purchase or sale of any interest since the inception of the business
- Prepare an outline of your monthly budget.
Business Assets and Valuation
Generally, a business or ownership interest is considered marital property, and will be subject under the SC family law to division as an asset by the family Court in a divorce proceeding in South Carolina.
If you are facing divorce in South Carolina, and a business is involved, an accurate divorce business valuation is extremely important. While the family court may ultimately decide what the business is worth, it is important that you retain a Divorce attorney who can help you properly value a small business and/or any other ownership interest and who understands the tax implications that you may be facing.
When evaluating the value of a business or ownership interest in a divorce proceeding in South Carolina, the family court will consider the fair market value of the business based, in part, upon the following:
- The net asset value of the business
- The fair market value for any stock tied to the business
- The earning or investment value of the business
You can be sure that the other side will be ready to present what they feel is an appropriate value. Regardless of whether you stand to receive alimony, or will be forced to pay it out, you need to be prepared so that you can negotiate a fair resolution. Depending upon the financial business valuation, it will likely be important to consider whether to hire a forensic accountant or CPA to help you determine the actual value of the interest at stake. Having a SC Tax attorney who understands accounting, as well as any corresponding tax implications, can ensure that you are prepared and fully understand the financial consequences beyond the final divorce proceeding.
When the husband and wife agree to the value of the business, it’s not a complicated process. No matter whether you own, or are seeking your fair share of the business, it is critical that you make sure that the business is valued properly and that your attorney understands the tax consequences. Our South Carolina divorce attorneys have experience dealing with complicated property and business valuations and can help you understand your financial future going forward.
Call the Strom Law Firm For a Divorce Consultation
Even if you feel that an allocation or distribution is equitable, it is extremely important that you have competent representation.
Whether you own a:
- Family business
- Professional services practice, including a medical office, legal office,
- Local restaurants or bar,
Our divorce lawyers are here to help. Don’t risk going into family court without an experienced family law attorney. Our South Carolina divorce attorneys have the experience you need to ensure that your financial future is protected. Call our firm today in Columbia 803-252-4800.