Michael E. Eisenberg
Call us to discuss your legal options. P 267-722-8383

Being forthright with assets is important in Pennsylvania divorce

The divorce process can vary greatly from one couple to another, depending on a variety of factors. Couples with children will have a different experience than two spouses who do not have children. If one or both spouses are business owners, their divorce may include challenges or steps unique to their situation. Owners of a cash-based business in Pennsylvania who have decided to move forward in the divorce process have some important things to remember.

In the divorce process, the business of a party has to be considered along with the other assets and finances. It is incredibly important that one ensures that neither he or she nor the other party are hiding any assets or under-reporting income. Providing accurate information regarding the business' income can prevent huge discrepancies between what the business allegedly earns and the average yearly spending of the family.

Hiding assets, property or other financial considerations in a divorce can have lasting consequences. These may include penalties in court and possibly being reported by the IRS. For these reasons, the most complete account of the income and expenses of the cash-based business can lead to a smooth divorce with minimal stress.

If one does bring his or her business into the divorce, it may be beneficial to get assistance with someone experienced with the division of assets. This person may be able to explain what is needed and what the courts expect, which can ease the tension of the business owner. Those in Pennsylvania working through a divorce should be aware of the financial aspects involved for anything that they may bring to the process.

Source: courierpostonline.com, "FORUM: Business owners should think before divorce", Bari Z. Weinberger, May 8, 2015

No Comments

Leave a comment
Comment Information
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Michael E. Eisenberg Attorney At Law

2935 Byberry Road Suite 107
Hatboro, PA 19040

Toll Free: 800-851-2534
Phone: 267-728-4535
Phone: 267-722-8383
Fax: 267-722-8374
Hatboro Law Office Map

1581 Main St.,
Suite 200
Warrington, PA 18976

Toll Free: 800-851-2534
Phone: 267-728-4535
Map & Directions