During dissolution matters, is it standard for self-employed individuals to have a business valuation performed. A business is generally considered to be a marital asset, so it is important to understand the accurate value of the asset if it needs to be divided as part of a property settlement.
With the current COVID-19 health crisis, business has significantly decreased, if not been suspended, for many small businesses. Since the health crisis was largely unforeseen, a lot of business owners have found themselves in difficult financial situations. If you have recently been divorced, and your final Agreement or Order included a property settlement that is no longer feasible, you may need to file a Post-Judgment Motion to Modify. Similarly, if your final Agreement or Order requires you to pay periodic alimony based upon a stream of income that no longer exists, that may also be a substantial enough change in circumstances to file a Post-Judgment Motion to Modify. It is important to remember that a change of circumstances does not automatically spark a modification. If you do not file a motion and unilaterally decrease or cease payments, you may be served with a contempt motion for such.
Keep in mind, if you seek retroactivity for any periodic payments, the Court will most likely only entertain it back to the date of service of the motion, so this is not something that you can let wait. Even though the courts are only entertaining emergency motions during the health crisis, you can still file and serve the motion so that when the courts are able to hear your matter, you will have a court date. This is an unprecedented time for everyone, but that means that it is even more important to take hold of your financial situation and make the best of it. While there are loans, grants and other aid available, it is still not enough for some small businesses, and the financial decisions that business owners make now may ultimately prevent bankruptcy.
If you and your ex-spouse are able to negotiate a new settlement before you are scheduled to go to court, you can electronically file a temporary agreement in most cases.
Wolf & Shore is here to make your modification easier, not harder. We are here to protect your best interests and help you get through this difficult time! Attorneys Kristen Wolf and Shari Shore are both tenacious enough to argue your case and compassionate enough to understand the difficulties associated with going through this process and juggling your obligations and finances. Wolf & Shore will make your post-judgment case as stress free as possible, and we have been helping clients just like you since 2009. Ever argue with a woman? You should try it. Contact Wolf & Shore Law Group here, call us at 203.745.3151, or email us at info@wolfandshorelaw.com.
