Goodmom
Pooh-Bah
Reged: 06/17/07
Posts: 2015
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[quote]He demonstrate to the bank that the business would pay for the boat and the business was making enough money to do that. So even know the boat is on his name the bank loaned the money because the business could afford it. [/quote]
Do you have the paperwork to prove that?
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Shanti
newbie
Reged: 10/29/11
Posts: 36
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Goodmom,
No I don't have the paper work.
You mentioned that if the business owns the yacht I wouldn't be able to ask that the 4k be considered income. Would you please explain that:
Remember the company pays for the the mortgage and slip fee of the boat. If there was no yacht he would have a larger income? Would this argument hold water in court? It is actually true when the company was making good money his salary was much better. Then he bought the boat (and the economy started going downhill) and his salary decrease to a point where we are just two thousands dollars above the poverty line. Wouldn't a judge question that the breadwinner doesn't have money to have the kids in any extra school activity but have the money to spend in a "toy" ?
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Goodmom
Pooh-Bah
Reged: 06/17/07
Posts: 2015
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Because paying for mortgages and slip fees for a business asset is a legitimate business expense.
If it was a personal asset, and since he is claiming that it is a second office for the business it is not, then the business paying for a personal asset of one of its employees (even if the employee is a co-owner) is considered income.
As I stated before, create a spreadsheet and list all of the personal expenses that are being paid through the business. Those are considered income and will be added to what he claims as income.
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spinnerdegrassi
Carpal \'Tunnel
Reged: 08/20/06
Posts: 7952
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[quote]Goodmom,
Remember the company pays for the the mortgage and slip fee of the boat. If there was no yacht he would have a larger income? Would this argument hold water in court? It is actually true when the company was making good money his salary was much better. Then he bought the boat (and the economy started going downhill) and his salary decrease to a point where we are just two thousands dollars above the poverty line. Wouldn't a judge question that the breadwinner doesn't have money to have the kids in any extra school activity but have the money to spend in a "toy" ? [/quote]
If he wasn't paying the mortgage the "business" would have more $$$, it doesn't necessarily mean he would have more income. How are you going to convince a judge that all 4k would be converted into salary and not reinvested into the business?
Plus the poverty line for a family of 5 isn't anywhere near 47k, it's closer to 26k.
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Shanti
newbie
Reged: 10/29/11
Posts: 36
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You are right. I just checked the poverty line and is what you are saying.
The way he and his father do the finances of the business is whatever is the profit they split it in half. They do not reinvest in the business. With that his biweekly payments vary a lot. So if he didn't have the boat he would have a higher income.
Also when his father dies he will have a higher income, because then even thou he will need to hire a worker to do his father's job he will no longer have a business partner. That is why I would like to know if the judge can grant me a percentage of his salary instead of a fix amount. For now he is offering me $500,00 a month alimony.
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DedicatedDad
veteran
Reged: 09/05/04
Posts: 1318
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You mentioned in another post that your STBX's father actually is 100% owner of the business legally. Is that true?
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Shanti
newbie
Reged: 10/29/11
Posts: 36
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My stbx feels he own the business, but his father never signed the business over to him. His father never retired either still works there full time.
So it is confusing to me if he owns or not. A bankruptcy attorney told him if he was to walk away from the business they would go after his father not him.
So it is not clear who own the business. My stbx walks on eggshell with his father. I believe he is waiting his father to die so he can own the business.
Edited by Shanti (10/30/11 10:26 PM)
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spinnerdegrassi
Carpal \'Tunnel
Reged: 08/20/06
Posts: 7952
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You can't project hypotheticals like his father dying and him getting a larger % of the business, because things can change on a daily basis. Plus business profit is not the same thing as income, as that can be re-allocated annually and you can redirect it. If they decided his father was going to get all the profit, how are you going to prevent it?
When my father ran his business, he took 50k a year in salary. The business turned a few hundred k a year in profit. His then wife, as they were divorcing wanted a cut of that profit. Problem was, my father was only on "paper" a 25% owner, as my sisters and I owned the rest. We decided where the profit went. It always went to him, until she decided to make a play for it, and we told her that she would never see a dime of it, because we would just allocate it going forward to ourselves, and then backdoor it to him and there wasn't a thing she could do to stop us.
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Shanti
newbie
Reged: 10/29/11
Posts: 36
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The only reason I hypothetical assume he is going to make more is that he has been waiting his father to die. First he was waiting his father do retire and it never happened now he has been sticking with this job in the hopes of owing the business. During the marriage I have asked him to part from his father's business and he always refused. He could make more in another company. The tricky thing is that his father has a second wife and my stbx and her don't speak. Anyway that is the reason I mention him making more in the future.
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spinnerdegrassi
Carpal \'Tunnel
Reged: 08/20/06
Posts: 7952
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The problem is, maybe the father leaves the business to the wife? Maybe he splits it? If the father owns the business, you won't even get access to the books since he'll be under no obligation to present them, your ex is just an employee.
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