I live in Washington State and am divorcing after 33 yrs of marriage. I have a job offer in another state. I would like to relocate, open a bank account, and establish residency there. Will this have any adverse affects on my divorce settlement? I also own a business with my husband. How is the value of the business determined?
Country relating to Question: United States
State (if USA): Washington
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Hi, Welcome to JustAnswerMy name is XXXXX XXXXX X would be glad to help
1. Will relocating to another state, accepting an offer of employment in another state, and opening a bank account have an adverse effect on your divorce settlement ?
Washington is a community property State which means that all property purchased, acquired, or earned, during the marriage, regardless of whose name is XXXXX XXXXX title is cosidered Marital Property/community property and upon dissoluton of the marriage, it will be divided equally between the spouses. Therefore, as to the division of community, your divorce settlement will not be affected in any way. You will receive one half of all community property. If you plan on asking for an award of alimony, then the fact that you are working and are financially self sufficient, will certainly adversely affect that request. Of course, it will depend on your income, also. If you are earning less than one-half of what your husband is earning, you would be entitled to an award, and if you and your husband could not agree on an amount, then it would be up to the Judge to decide;
2. Valuation of the Business - Generally, a business is valued by taking into account its net annual income and multiplying it by a set number of years usually multiplied by 8 to 10 years. However, there are many additional factors which go into valuation of a business and it is by no means an exact science. Normally, if the spouses cannot agree on the value of a business, the Judge will ask either their accountant to value the business, or the Judge will appoint a independent Certified Public Accountant to value the business, it is never valued by the individual attorneys representing the parties.
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25 Yrs. Family Law, Estates, Real estate & Bus. Law, Criminal Defense, Immigration, Employment Law
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