If anything, and unfortunately so,
divorce can majorly be about one thing:
money. It undoubtedly should be about so much more, but while you may need to
devote your attention to the issue of property distribution, you can at
least make it a lot easier on yourself and all parties involved by ensuring
fairness and equity without sacrificing anything on your end, particularly
if you weren't the one pursuing the divorce petition in the first place.
The key to success in making this run smoothly is to hire a forensic account, plain and simple. There's a difference between just your
typical CPA and this type of tax professional. Tax law is particularly
difficult to navigate when paired with divorce law for obvious reasons,
because while you might be able to divide property
equally, it doesn't necessarily mean you've divided property
equitably. The purpose of a forensic accountant is to reveal any transferred assets
and income that could potentially impact any kind of
equitable distribution and support, especially in the case of children. They're
analysts, and they're invaluable to the proceeding.
This is why, if you're a particular situation involving a soon-to-be
ex-spouse with a closely held business complete with continual revenue
generation. Think fairness here, especially when there's a prenup
involved. Moreover, detailed financial analysis of bank deposits, family
expenses and the general lifestyle can reveal plenty of clues as to just
how much child support is necessary and ultimately how to really distribute
the property evenly, not just material-wise, but value-wise. After all,
your soon-to-be ex-spouse keeping your engagement ring valued at $3MM
while you keep the house valued at only $1MM might not be
fair at least from a financial standpoint. You get my meaning.
It's not a surprise that countless divorce parties face plenty of issues
regarding property distribution and determination of child support beyond
that of the regular formula utilized in the state. Everyone's situation
is different. This is why a forensic accountant can be a priceless resource
for attorneys, particularly during divorce litigation. They can shed some
light and make it possible for all parties to agree without argument.
Why? Because the law says so.