James P. Richardson CPA has years of experience working with various financial details and determining the tangible financial details necessary for a divorce settlement.
According to the U.S. Census Bureau, 9 out of 10 people will get married at some point, but the statistics for first marriages are grim, with about half ending in a divorce.
Divorce has become a common occurrence in the United States. Part of that divorce process is the division of assets. While some end peacefully, others can become contentious. Divorce accounting is a complex process, one that is full of details that can be confusing.
To answer their financial questions, many couples are turning to CPAs to assist with their divorce accounting.
From the couple initiating the divorce to the legal team and the courts, there is consistently a need for CPA experts. With divorce accounting, the two parties receive the information needed to understand where they are financially and what needs to be divided.
One of the first questions typically asked is, “How to identify each spouse’s earnings?”
Then there is the potential for hidden assets, which can be harder to locate. Additionally, many wonder what property is considered separate and what is considered marital property. If either individual owns a business, then there is the worth of the business that needs to be determined and accounted for as part of the proceedings.
There are numerous areas where financial experience can be beneficial, particularly when it comes to interpreting all the data associated with the couple’s bank and investment accounts.
Working with our team means you will receive quality expert service throughout the process.
Our qualified staff will work with your legal team, providing various services, including:
- Cooperating with the legal and judicial team, depending on the status of your divorce
- Determining which property falls in the separate and marital property categories
- Providing expert witness testimony, as well as trial support
- Preparing various financial reports detailing the divorce accounting
- Calculating the amount of income available for support payments, if necessary or legally applicable, depending on whether children are involved
- Valuations of businesses owned by the couple or as individuals
- Provide marital lifestyle analysis
- Exploring the likelihood of unreported assets and income
We work with you and your legal team to provide the information to rebut the testimony of other experts and can even assist in revisiting court orders after finalizing your divorce.
The result is a financial analysis that can help you to determine who has what, where it originated and the values. With this complete financial picture, you and your soon-to-be ex-spouse can facilitate a settlement that is equitable to both parties.
Granted, not every divorce can be settled peaceably, but with divorce accounting, you can have a clearer pictures of what you own, what your ex-spouse owns, and what you own together. At James P. Richardson CPA, our team provides the type of divorce accounting and professional advice to guide you as you proceed through your divorce.