Lawyer Monthly Magazine - July 2019 Edition

The choice of a lawyer is an important decision and should not be based solely upon advertisements. What three characteristics are important for a family lawyer? In addition to educating yourself about the ins and outs of the area of law, it is important that a family lawyer be empathetic in terms of what the client is going through, while maintaining boundaries and leadership at the same time. What motivated you to practice law? Can you share your most challenging case yet, and how you overcame it? I once had a child custody case where the opposing party actually hired a hit man to kill my client. While this can add significant stress to the case, it is vital that the safety of the children and everybody else is put at the forefront both civilly and criminally. Q&A WITH KIRK STANGE There are lots of variables that go into the valuation of a businesses’ interest and a professional business valuator is almost always needed. What are the signs your partner could be hiding assets? Every case is different and the signs are not always uniform. However, in cases where one party has almost complete control over the finances, this can increase the risk of hidden assets. In some cases, both spouses might not have access to all the financial records. One spouse might also set up bank accounts in their own name. If a spouse travels overseas, the risk can often increase. Where a party owns and operates a business, the risk can also increase because income and assets can often be shielded within the business. How challenging is it to prove that your partner is hiding assets? Experience has taught us that finding hidden property can be challenging. To do so, we often Protecting your business in divorce: Can you refuse to split your company’s assets? If the business interest was obtained during the marriage, in an equitable division state, the business interest is going to be treated as marital property unless there is a prenuptial or postnuptial agreement that sets it aside to one party. In these cases, the court is going to take the value of the business interest into consideration when dividing all marital property and debt. In some cases, the value of the business interest can be offset against other assets that the other spouse receives, like a home, investment or retirement account, as some examples. In these cases, the business interest does not have to be split. The other spouse just receives another asset of roughly the same value. However, in other cases, this might not be possible and the business interests may need to be split or sold. Regardless, what is critical in these cases is to have a business valuator enlisted early in the case to ensure that the value of the business is fair and accurate. BUSINESS INTERESTS hiding and that party having to pay the other spouse’s legal fees and costs for having to track down these assets. When should one consider hiring a forensic accountant? There are many cases where a party should consider hiring a forensic account. Some common situations are as follows: • Identifying income from a closely held business or professional practice to see if any of it has been concealed or transferred elsewhere; • Determining if assets have been squandered, encumbered, concealed or hidden in anticipation of divorce proceedings; • Helping trace funds owned prior to the marriage to determine if it is separate property and, therefore, belong to one spouse alone; and • Helping valuate a business interest. involve forensic accountants. These professionals review tax documents and other financial records to locate hidden assets or to exonerate a party depending on the situation. Private investigators can also help locate and identify hidden assets. With the advent of social media evidence, oftentimes, the evidence of the hidden assets can be found online. Another way to locate hidden assets is through the use of a computer forensic expert who can lawfully gain access to electronic devices to search for evidence of hidden assets. If proven, how can the above impact a divorce proceeding? If a party hides assets, it can have a tremendous impact on the proceedings. First, it can destroy the party’s credibility with the judge. This can impact all facets of the case. Second, hiding assets is also illegal and could subject a party to civil or criminal penalties for being untruthful with the court. Finally, it can also result in that party giving up a disproportionate share of the assets they were I really wanted to make a difference in the lives of real people going through difficult times. Do you have any goals you wish to accomplish in 2019? We are opening our newest office in Tulsa, Oklahoma this year. I am excited to see how this office serves those in the community. How did you deal with the stressful and emotional nature of family law? While it’s vital to be empathetic and put yourself in your clients’ shoes, it is important to step back at the same time and realize that at the end of the day, all you can do is be competent, communicative and diligent in terms of representing clients. The family court judge then has to make the decision if the case cannot settle and has to be tried. 83 SUPER LAWYERS JUL 2019 www. lawyer-monthly .com