There are 31 million entrepreneurs in the US and 10 million self-employed adults. A divorce creates its own et of unique issues in the division of assets, especially if the husband and wife started the business together. A divorce can have a significant impact on operations and cash flow and can put the business at risk of losing employees. In this episode, Shannon Farr, CPA, ABV, CFF, of Elliott Davis, helps to unpack how to process valuing the business as part of a marital Estate.

Shannon answers the main options for the business when a divorce happens, such as paying out the value of the business over a period of years.

What happens if one spouse is not involved in the business? Is there a consideration for the person who made the business their life’s work?

What are the tax implications for transfer of property and are there options to mitigate?

In self-Employment, oftentimes revenue is from cash and may be harder to track. Shannon shares how forensic accountants go about discovering hidden assets as well as determining what the expected revenue should be.

Guest: Shannon Welch Farr, CPA, AICPA, Elliott Davis. Contact: shannon.farr@elliottdavis.com

Facebook: @silverdivorcepodcast

Email: silverdivorcepodcast@gmail.com

Produced by: Whitfield Media Group, Chattanooga, TN

Edited by: Tyler Owens

About your hosts: Lisa McCluskey is a retired healthcare executive who was blindsided with divorce after a 34-year marriage. She founded the podcast to share the knowledge and educations she gained during the process in order to help others avoid the pitfalls she fell into. This podcast is a labor of love.

Pat Owens has been a divorce Care facilitator for some 20 years and understands and guides people through the emotional cycles of divorce. She herself experienced a divorce after a long-term marriage and has a heart for helping others.

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Lisa McCluskey Silver Divorce Podcast

Splitting up after a decades-long marriage and divorcing after the age of 50 has its own unique set of challenges. Inheritances, 401(k)s, IRAs, properties, co-owned businesses, pensions, and Social Security all contribute to a complex divorce. Managing adult and pre-teen or teenage children adds to the complexity of a new family dynamic. Join host Lisa on the Silver Divorce Podcast as she and her expert guests delve into the issues of gray divorce and offer education, stories, and support to help you navigate the divorce process and manage a traumatic emotional time in your life.