Spouses who own businesses can often keep a tight lid on finances. This may not be an issue at the onset of marriage, but it means that often, the other spouse is clueless as to how the money is being made. In the unfortunate event of divorce, income becomes a…
The American Rescue Plan Act of 2021 (hereinafter “Plan”), also called the COVID-19 Stimulus Package, was passed by Congress and officially signed into law by President Joe Biden on March 11, 2021. The Plan seeks to aid the economy in recovering from the effects of the COVID-19 pandemic. One significant…
In Williams v. McDonald, the North Carolina Court of Appeals, in an unpublished opinion, reviewed Plaintiff’s appeal from the trial court’s order granting Defendant’s 12(b)(b) motion to dismiss Plaintiff’s complaint. Williams v. McDonald, COA20-10 (N.C. App 2020). Facts: Plaintiff and Defendant, after sixteen years of marriage, entered into a Separation Agreement…
Abdeljabar v. Khalil, 812 S.E.2d 914(Table) (N.C. App. 2018) Equitable Distribution (ED) is one of the mechanisms by which former spouses separate their personal and real property. What if the during the marriage one party opens a small business? Businesses are subject to ED, and valuation of a business can…
Henry v. Comm’r, T.C. Memo. 201924, 2019 WL 1385242 (2019) (a) Facts: Husband and wife married in 1997 and divorced in 2013. While the divorce case was pending, the parties filed a joint income tax return for tax year 2012. The return did not report $14,650 in income earned…
Schorse v. Comm’r, T.C. Memo. 2018176, 2018 WL 5270556 (2018) (a) Facts: Husband was a computer programmer and wife was a physician. During the marriage, the wife earned 80% to 90% of the parties’ income. For tax years 2002, 2003, and 2004, the wife provided her tax information to the…
Welwood v. Comm’r, T.C. Memo. 2019113, 2019 WL 4187568 (2019) (a) Facts: Husband and wife were married in 1973. They separated in Florida 2003 and signed an agreement dividing their property. In the agreement, the husband conveyed to the wife a 50% interest in certain real estate partnerships. The partnerships…
HeydonGrauss v. Comm’r, T.C. Memo. 2018209, 2018 WL 6720943 (2018) (a) Facts: Husband and wife filed joint tax returns for tax years 2005 to 2009. They separated on 2010 and were divorced in 2015. The parties did not enclose full payment with their 2005-2009 tax returns until 2010. The wife…
Neitzer v. Comm’r, T.C. Memo. 2018156, 2018 WL 4519997 (2018) (a) Facts: Husband owned and operated two businesses. The wife, who was trained as a nurse, was totally disabled after a series of spine and hip surgeries. Her income came primarily from disability benefits. The couple separated in 2010. Their…
Asad v. Comm’r, T.C. Memo. 201780, 2017 WL 2211215 (2017), aff’d, 751 F. App’x 339 (3d Cir. 2018) (a) Facts: A husband and wife owned rental properties. Each spouse was responsible for some of the properties. They filed joint tax returns in which they claimed losses on the properties. The…