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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In this episode, Kimberly Mathis, life coach, will explore the topic of managing your young children throughout the divorce process and share tips for co-parenting once the divorce is final.

Divorce has the biggest emotional impact on school-aged children between the ages of 5 and 13 with age 11 having the highest impact for emotional trauma. Some common impacts are:

* Emotional - with worry about what will happen to them.

* Behavioral - changes such s regression and acting out.

*Academic performance - a decline in school performance due to stress and anxiety.

Kimberly shares strategies for breaking the news to young children to lessen the emotional trauma and how to manage their feelings of blame.

We'll also discuss the issue of when divorce is caused by an affair and how and when to introduce the affair partner.

Produced by: Whitfield Media Group, Chattanooga TN

Editing by: Tyler Owens

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

Patty 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 high conflict divorce after a long-term marriage and has a heart for helping others.

Facing parents' divorce can be emotionally challenging for adult children, especially if it comes at a time when they are raising their own families and may have small children. Some adult children find they are forced to confront issues with relationships and families that they feel woefully unprepared to handle especially if they have a close relationship with one parent or still have unresolved issues stemming from their childhood or teen years. Join our conversation with Kimberly Mathis, therapist, as she helps us sort through the issue of adult children in divorce.