Divorce and Domestic Relations Litigation: Financial Adviser's Guide

267 Pages·2003·0.87 MB·English

by  Thomas F. Burrage

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
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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
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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
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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
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