Business Owners and Child Support: Everything You Need to Know
Entrepreneurship is a risky endeavor. There are long hours and a lot of challenges. Most entrepreneurs put in a lot of work which might leave other areas of their lives unattended. Entrepreneurs are more likely to end up getting divorced than those with conventional jobs.
The risk-filled role of a business owner could lead to serious debt. Sometimes it can be extremely rewarding, but it could also come with the cost of losing your marriage. Divorce for business owners is unique because of the complexity involved.
The issue of custody is a thorny matter because the time that the entrepreneur spends on the business could work to his disadvantage. If you ever find yourself in such a situation, you’ll need a Florida family law attorney that is familiar with handling such complications.
Family Law Matters
Child support is usually the straightforward issue that is easily solved when it comes family law matters. Depending on the jurisdiction, there are standard laws and formula that determine the child support obligation from the parents.
If you’re in Florida, you can reach out to Seminole County family law attorney who is experienced in handling such cases. The final determination will be based on the parents’ income, the child’s healthcare insurance expenses, extraordinary, and care expenses.
Calculating Child Support for Business Owners
This is a challenge because it is difficult to ascertain an entrepreneur’s true income. There are entrepreneurs who will never take a paycheck from the business. The general rule of entrepreneurship is to pay yourself last and most of them live by this mantra.
An experienced Florida family law attorney will know how to handle such a situation since they must have worked with other entrepreneurs who were in a similar circumstance. It will be hard to put a figure on the monthly income but most business owners are reasonable enough since a child is involved.
Impact of Divorce on Business
A divorce can have a negative impact on a business. The entrepreneur can’t give the business the attention it deserves because of the never-ending court hearings. That is why you need a reliable Seminole County family law attorney who will handle the case with the highest level of professionalism. Business owners with children are more likely to be affected by the divorce. The time dealing with attorneys combined with the emotional strain can have a negative effect on the business.
What You Need to Declare Income
Your income could be affected during the months leading to the divorce. Any good Maitland Divorce Attorney will advise you to take this position as it should work in your best interest. The entrepreneur’s income is assessed by looking at the revenues, statement of cash flows, statement of equity, and the balance sheet. These will help in determining the business owner’s true income.
You should be prepared for conflict as the opposing party might not see things your way. If you’re looking for an experienced and competent Maitland divorce Attorney, The Troum Law Firm is your best bet. Our attorneys have years of experience representing business owners in divorce and child custody cases.