When seeking a divorce, clients do not have to spend thousands of dollars on a forensic accountant, or CPA, to assist with the financial analysis of the marital estate. Although the use of forensic accountants is common in many divorce cases, it is also completely unnecessary and very costly.
However, the use of a CPA is useful with a few exceptions. Essentially, it can be helpful in three instances:
Looking for hidden money: A forensic accountant is very good at analyzing and interpreting complex financial and business related issues; therefore, they can decipher if a spouse of a client has hidden secret money over the years by examining bank account statements, credit reports, and credit card statements.
Dealing with business valuations: If a spouse invested in or acquired his or her own business during the marriage, the CPA can sufficiently calculate the value that must be placed on the business for asset division purposes.
In Collaborative Practice cases: Since forensic accountant’s are specially trained Collaborative lawyers, they are very beneficial in these cases because they help you to negotiate a mutually reasonable solution without going to court.
Moreover, if a client seeking a divorce hires an attorney who practices family law, that attorney must comprehend the law concerning distribution of marital assets and debts. It is crucial that this attorney can diligently organize, manage, and process financial information, such as collecting one’s current values of all assets.
Settlyd will assist South Carolina Family Law attorneys with these types of financial issues in divorce cases. The secure Web based app will help with child support declarations, marital asset division spreadsheets, and more.