Family Law
Prenuptial
Financial information preparation
Mediation & Arbitration
Financial preparation and analysis of data
Divorce Proceedings
Preparation of required financial information
Financial Analysis – Both plaintiff and defendant.
Budget planning – during and after divorce.
WHY USE THESE SERVICES?
Whether you choose Mediation, Arbitration or Litigation for your divorce process, both parties are required to present financial information.
The basic information includes a Statement of Net Worth, along with all supporting information.
A Statement of Net Worth is an affidavit where the divorcing individuals describe their entire financial picture, including assets, liabilities, income and spending.
In addition, most individuals are required to provide detailed information and support for not only their current situations, but for the past as well.
Once this information is provided, it must be analyzed so the attorney’s can use the information to best represent their clients' needs in the future.
WHAT SERVICES ARE REQUIRED?
A forensic accountant provides crucial services in Family Law matters. Specifically, they:
Identify assets, liabilities, and incomes.
Value of assets, liabilities, and income.
Division of assets, liabilities, and income.
Trace assets to determine origin and whether they are marital assets.
Help determine what is an equitable distribution of assets.
Address tax effects of transactions and distributions.
Determine an income of a spouse and financial standard of living.
Provide financial analysis of all financial information for both plaintiff and defendant.
Trend analysis
Variance analysis
Potential for hidden assets
Accuracy and completeness of information
WHY SHOULD THE CLIENT USE THESE SERVICES?
In most divorces, most attorneys will analyze this information “in-house”.
There is a benefit to both the client and the attorney to utilize an outside source such as a forensic accountant/financial consultant.
Advantages to Client:
The accountant is an expert in their field – They have years of experience in financial information preparation, analysis and auditing.
Financial savings – An accountant will usually charge a lower hourly rate than most Family Law attorneys.
The financial information can be presented to the attorney in a detailed and cohesive manner for use in the proceedings.
The accountant can provide an enhanced analysis of the oppositions financial data, giving the attorney more information to use at deposition or trial.
The accountant can act as a liaison and advisor between the attorney and client regarding financial issues.
WHY SHOULD THE ATTORNEY USE THESE SERVICES?
Many of the advantages to the attorney are similar to the clients' advantages but with some additional benefits.
Advantages to Attorney:
As stated, the accountant is an expert in their field. This will provide the attorney better, and more accurate information regarding the clients' financial position.
The financial information can be presented to the attorney in a more concise and detailed manner for use in the proceedings.
The accountant can provide an enhanced analysis of the opposition’s financial data, giving the attorney more information as to the potential for hidden assets, misappropriated funds or missing information.
The accountant can provide an enhanced analysis of the attorney's client financial data, giving the attorney more information as to the potential questions that may be asked, and areas of risk, for deposition or trial.
The accountant can act as a liaison and advisor between the attorney and client regarding financial issues.
Use of an accountant will free-up the attorney’s time to work on the legal implications of this, or other cases, or seek out additional clients.
The Divorce Process
The five stages of divorce are often compared to the five stages of grief.
These stages represent the emotional journey a person may experience as they process the loss of their marriage and adjust to a new life.
Denial – This initial stage involves struggling to accept the reality of the divorce and experiencing numbness or disbelief. Individuals may resist the idea of the marriage ending or try to pretend it's not happening.
Anger – As the reality of the divorce sets in, anger and resentment may emerge. This stage is characterized by frustration, bitterness, and a desire to assign blame for the end of the relationship.
Bargaining – In this stage, individuals may attempt to negotiate or bargain with their spouse to either prevent the divorce or make it easier. They may offer compromises or try to change their behavior in an attempt to salvage the marriage.
Depression – As the emotional intensity of the divorce process builds, individuals may experience sadness, hopelessness, and a sense of loss. They may feel overwhelmed by the situation and struggle to find meaning or purpose.
Acceptance – This final stage involves acknowledging and accepting the reality of the divorce and the loss of the marriage. Individuals can begin to process their grief, adjust to their new life, and move forward.