Settlement

[LdiJ]

I do not drink or play pool.
The information I have received is from my lawyer & forensic accountant.
I will most definitely research this...unfortunately I do not have much time, my hearing is on Tuesday.

Was it YOUR forensic accountant that set the value for your business? If so, you would have a problem trying to claim that the business was worth less than YOUR forensic accountant claimed it was worth.

We really don't like to second guess poster's attorneys and/or accountants. We don't know the climate of your local courts and how your local judges normally rule.

 

[tuffbrk]

No, normally, we don't but did you read the whole thread? None of what he is being told is even close to reality in the current NJ court climate. None of it.

His forensic accountant told him his business was valuable because the OP himself valued it? Please.

His attorney said that almost 100% of the time the judges rule in favor of the STBX and kiddies staying in the home and that it's the law that the mortgage remain in the OPs name until they graduate HS?! Again, not reality.

This guy is not just being walked on but bulldozed into the ground. Before the cement gets poured and they completely bury him he needs to seek a consult with another attorney or two. I acknowledge that the details provided were scanty. Regardless, unless he's Bruce his attorney is not protecting him or his interests at all.

 

[LdiJ]

No, normally, we don't but did you read the whole thread? None of what he is being told is even close to reality in the current NJ court climate. None of it.

His forensic accountant told him his business was valuable because the OP himself valued it? Please.

I can think of many scenarios where a business like his could be as valuable as its been stated...even when its a sole proprietorship/single man operation.

His attorney said that almost 100% of the time the judges rule in favor of the STBX and kiddies staying in the home and that it's the law that the mortgage remain in the OPs name until they graduate HS?! Again, not reality.

I agree about that one. However, what may be really going on is that the attorney knows that mom has been the primary caregiver and is going to get custody, and that dad is better off not having to give mom any money for the business, and believes that the exchange of equity for business is a better move for dad.

This guy is not just being walked on but bulldozed into the ground. Before the cement gets poured and they completely bury him he needs to seek a consult with another attorney or two. I acknowledge that the details provided were scanty. Regardless, unless he's Bruce his attorney is not protecting him or his interests at all.

He should certainly talk to another attorney, but since the details ARE scanty, he may not actually be getting bulldozed. Remember how many questions I asked you back in the day before I made any strong suggestions?

 

[martto922]

It was a forensic accountant appointed by the court.
The last couple of posts here are correct - STBX will have custody of 20 & 16 yr old and was stay at home mom...against my wishes throughout the marriage.

It was the judge who set the date next Tuesday and stated this has gone on long enough 500+ days and if settlement was not reached prior to then for everyone to bring overnight bags because no one would leave until settlement reached and he could grant divorce. He also warned both of us it was in our best interest to settle and not leave it up to him because most likely neither one of us would be happy with the outcome. Rescheduling is not an option at this point.

I am thinking now I should buy her part of business, make her refinance house, sell when youngest becomes of age in few years and take the equity. BTW - is it when youngest turns 18? graduates high school? or college?

 

[mistoffolees]

I can think of many scenarios where a business like his could be as valuable as its been stated...even when its a sole proprietorship/single man operation.

Theoretically possible, perhaps (if he has some long term contracts through the company that are transferrable to a new owner), but not likely for a self-employed carpenter.

 

[martto922]

There are no contracts. I am a subcontractor for 1 person any work I do is verbal. There is no physical location of business. I work from my truck and cell phone.

 

[mistoffolees]

There are no contracts. I am a subcontractor for 1 person any work I do is verbal. There is no physical location of business. I work from my truck and cell phone.

Then a value of $140 K is ridiculous. You might contact a business broker or two to verify that.

 

[LdiJ]

Then a value of $140 K is ridiculous. You might contact a business broker or two to verify that.

It kind of depends what kind of equipment he has. I know that my brother probably has that much value in equipment alone.

 

[martto922]

No major equipment - few nail guns, saws, etc. Not even close to 140k. I run my business from my truck & cell phone. STBX claims I have alot more cash jobs than I do.