When to Use a CPA During Divorce
Most people agree that during divorce the single most important issue is the welfare of any children. A close second, or if no children were born of the marriage, is the issue of assets and property division. Some parties are able to peacefully divide their assets and liabilities, while other cases are found on the other end of the spectrum. Everything from failing to report income, to hiding assets can be uncovered during a divorce. In cases where the value of assets is significant, the parties are well advised to seek not only the advice of competent family law attorneys, but to also include an accountant on their team of professionals.
The benefit to using an accountant during divorce may depend on the amount of wealth of the parties. When suspicions of hidden assets arise, it is important to:
● Determine the potential economic recovery versus the cost to uncover the assets.
● Set a budget for the investigative work required to locate funds or property.
● Know what to look for and likely sources of information.
It is with this third point that a proficient forensic accountant can become an invaluable asset to your legal team. An accountant knows which items on tax returns indicate a refinance of a home, which may in turn lead to the discovery of cashed out equity. Likewise, a CPA knows how to identify when a business has been sold, which might potentially result in a profit divisible between the parties. Our staff has experience working alongside skilled financial professionals and appreciates the immeasurable benefit they provide when questions regarding finances arise. When you make the decision to protect and fight for what is rightfully yours, using an accountant is a big part of that decision making process. Our attorneys are experienced in evaluating your case, financial data relative to property distribution, and determining when it is necessary to utilize the talents of financial advisors.
If you have questions regarding financial issues during divorce, call a seasoned family law attorney in Stuart and the Treasure Coast for more information. Visit us online or call to make an appointment. Our fee for your first visit is only $300.00. We listen to the facts of your case and offer guidance tailored to meet your needs.