procedure for determining the fair market value of an asset when it is to be sold or divided as part of the divorce process
appraisal
submitting a disputed matter for decision to a person who is not a judge. the decision of this person is usually binding and final
arbitration
the difference between the amount of spousal or child support paid, if any, and the amount required under court order
arrarages
a discretionary legal standard used by judges when making decisions about custody, visitation, and support for a child when the parents are divorcing
best interest of the child
a tax strategy that involves “bunching” itemized deductions so that they are high in one year and low in the following year
bunching deductions
assets tied to one’s career (health insurance, stock options, retirement plans, etc.)
career assets
an individual who is certified in business valuations
Certified Business Appraiser (CBA)
type of bankruptcy filing that allows you to liquidate all of your assets and use the proceeds to pay off your debts, erasing your debts that cannot be paid in full. all unsecured debts are forgiven and all assets over statutory minimum protected amounts are forfeited
Chapter 7 bankruptcy
type of bankruptcy filing that allows you to develop a pay-off plan over a 3 year period. some debts may be discharged
Chapter 13 bankruptcy
