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Business Valuation, Financial & Tax Issues in Divorce

IICLE’s 2017 Business Valuation, Financial & Tax Issues in Divorce program continues to highlight a highly-esteemed faculty speaking about sophisticated financial topics encountered in family law practice. In addition to our traditional judges’ panel, this year features sessions about imputed income, the effect of a buy sell on a business valuation, determining appropriate maintenance awards in high net worth cases, income shares in child support, and arguing stock option divisions. Avoiding malpractice by engaging in sufficient discovery and properly presenting information to judges for temporary orders will also be discussed.
  • Credits: 4.75 General, 1.00 Professional Responsibility
  • Product ID: P9000-17u
  • Original Program Date: 1/16/2017 8:45 AM
  • Available Formats:
    • DVD
    • Audio Download
    • Online On-Demand

Description

Recorded January 16, 2017 

Moderator: Bruce L. Richman, CPA/ABV, CVA, CFF, CFE, CDFA, CPEP, Mazars USA, LLP, Chicago 

Overview of P.A. 763
This session will discuss the substantive changes to the IMDMA contained in P.A.763 as well as changes that have yet to be made but could be.
Hon. Grace Dickler, Presiding Circuit Judge, Domestic Relations Division, Circuit Court of Cook County, Chicago
Richard W. Zuckerman, Law Offices of Richard W. Zuckerman, Peoria

The New-ish IMDMA: Using New Features of the Statute to Benefit Your Clients
There are many new features of the IMDMA which, if used properly, can benefit our clients. This session will highlight some of those, including elements of timing, procedure and substantive matters.
Leon I. Finkel, Berger Schatz, Chicago

Maintenance & “Needs” in the High Net Worth Case
There will be a presentation of arguments for and against an award of maintenance in high net worth cases after a long term marriage, when the payor has significant income and the payee has been a homemaker and receives a vast amount of wealth.
Stephen R. BottiBotti Marinaccio, Ltd., Oak Brook & Immediate Past President, AAML-Illinois Chapter
Robert D. Segal, Davis|Friedman, Chicago

Presenting Information to Judges for Temporary Orders 
(0.5 Professional Responsibility Credit)
This session will focus on a discussion of income suppression or income fluctuation (depending on your point of view) and how these issues affect temporary support orders and temporary restraining orders.
The Hon. William S. Boyd, Domestic Relations Division, Circuit Court of Cook County, Chicago 
Karen L. Levine, Miller Shakman & Beem LLP, Chicago

Imputed Income in Depth: Business Valuation & Maintenance 
Perhaps one of the more interesting issues in determining maintenance is whether the court should determine the level of income for the spouse who owns a closely held business where the income was normalized in determining the fair market value of the company.  There are excellent arguments pro and con as there may exist what is essentially an improper double-dip.  Also, should valuation adjustments normalizing income (to reflect personal expenses paid for by the company) be attributable to the husband when calculating support?  We will provide an in-depth look at this issue of the interplay of owner's compensation and the business valuation.
Gunnar Gitlin, The Gitlin Law Firm, Woodstock
Bruce Richman, Mazars USA, LLP, Chicago

Effect of a Buy Sell Agreement on a Business Valuation
Discussion surrounding how a buy sell agreement impacts a business valuation under the fair market value standard provided for by the IMDMA.  Included within the discussion will be a case law review and the interplay with other key concepts such as personal goodwill.
Meighan A. Harmon, Schiller DuCanto & Fleck LLP, Chicago
Kevin Thompson, Mazars USA, LLP, Chicago

The Panoply of Options/Executive Perks: Their Taxation and the Arguments Pro and Con for Division after Divorce
Executive Compensation has greatly diversified over the years.  Knowing the types of compensation, how and when they are taxed, and how to divide these assets is critical to successfully representing your client in these types of cases.  How to negotiate the division of these assets - those already awarded but not fully vested and those to be awarded in the future - will be discussed as well.
Joy M. Feinberg, Boyle Feinberg PC, Chicago
Alyssa Mogul, Grund & Leavitt PC, Chicago

When is Enough Discovery Enough That You Are Protected? 
(0.5 Professional Responsibility Credit)
This discussion will explore balancing your duty to exercise due diligence with direction from a client to forego or conduct limited discovery.
Laura Ashmore, Davis|Friedman, Chicago
Michael F. Koenigsberger, Grund & Leavitt PC, Chicago
Thomas P. McGarry, Hinshaw & Culbertson LLP, Chicago

Income Shares: New Rules for Child Support
Effective July 1, 2017, the rules for computation of child support in Illinois will completely change. Come and learn the details of the new statute and be prepared for the replacement of everything you thought you knew about support.
The Hon. Pamela E. Loza, Supervising Judge, Domestic Relations Division, Circuit Court of Cook County, Chicago
Nancy Chausow Shafer, Chausow Shafer PC, Highland Park 

Annual Judges’ Panel
Topics will follow those presented on this agenda.
Moderators:
Alan Hoffenberg, Hoffenberg & Block, LLC, Chicago
Howard H. Rosenfeld, Rosenfeld Hafron Shapiro & Farmer, Chicago

Scenario Prepared By:
Joy M. Feinberg, Boyle Feinberg PC, Chicago
Erin J. Bognar, Griffin McCarthy & Rice LLP, Chicago

The Hon. Edward A. Arce, Cook County Circuit Court, Chicago
The Hon. Elizabeth K. Flood, Kane County Circuit Court, St. Charles
The Hon. Pamela E. Loza, Circuit Court of Cook County, Chicago
The Hon. Timothy J. McJoynt, DuPage County Circuit Court, Wheaton
The Hon. Mary H. Nader, McHenry County Circuit Court, Woodstock
The Hon. Joseph V. Salvi, Lake County Circuit Court, Waukegan                                              

Materials

Available only for members that have purchased this product.

  • Program Materials
    Business Valuation, Financial & Tax Issues In Divorce
  • Program Materials
    Business Valuation, Financial & Tax Issues In Divorce 2017
  • Click Here for Program Materials
    Business Valuation, Financial & Tax Issues In Divorce
  • Program Materials
    Business Valuation, Financial & Tax Issues In Divorce
Online On-Demand
SKU: P9000-17E
$399.00

DVD
SKU: P9000-17D
$367.74

Audio Download
SKU: P9000-17A
$399.00

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