Basic Financial & Tax Concepts in Divorce Law

The program begins with a discussion about how to define income for support purposes and how that can differ from taxable income. We teach you how to read a personal tax return, focusing on how to identify components of income, and the meaning behind tax credits, deductions, and the alternative minimum tax. This program provides an overview of business financial statements, providing you with a comprehensive understanding of the four standard statements:

• Balance Sheet
• Income Statement
• Cash Flow Statement
• Owner or Shareholders’ Equity/Capital Accounts

The program also incorporates a broad-spectrum understanding of business tax returns, including the types of returns for various business entities and key aspects in the differences and similarities between various business entities. A segment focuses on how to interpret a client’s personal and business tax returns and incorporate this information into their court financial statement.