Over 50% of first marriages end in divorce. The rate of failure is higher the second and third time around. Money and finances are often the source of conflict, and in a divorce, each party is out to get their “fair share”. Attorneys can help sift though the applicable laws, but when it comes to financial matters, a CPA is well suited to help piece together the fiscal puzzle.
Marital dissolutions often involve complex financial issues. These issues can be intensified by emotional issues surrounding the divorce such as child custody, hidden assets, infidelity, and increased living expenses. Divorce is often a crash course in managing personal finances, possibly for the first time in adulthood.
We are not lawyers, but we can assist attorneys with:
- Preparing financial statement for the marital estate
- Tracing the source of purchases to determine if they were made using separate or marital funds
- Determining a standard of living in order to establish alimony or child support payments
- Valuing marital assets
- Determining the tax consequences of asset distributions and the tax effect of various scenarios for dividing the marital estate.
