The Benefit of a “Forensic” Accountant for Your Divorce PetitionBy Moskowitz Law Group, LLC |
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.