Forensic Accountants and Divorce
Divorce can be an uncomfortable topic to discuss, especially with your accountant, but forensic accountants can play a key role in a marital dissolution. Although not required for all marital dissolutions, many of the more complicated cases can greatly benefit from the services of a forensic accountant.
Some reasons to retain a forensic accountant include:
- Uncovering unreported income, especially if one or both of the spouses is self-employed;
- Separate property claims;
- Temporary and permanent spousal and child support;
- Determination of the marital lifestyle;
- Reimbursements, tracing, allocation, apportionment and characterization of assets;
- Valuation of a business interest;
- Business, executive, professional or celebrity goodwill;
- Commingling of funds;
- Reimbursement claims for post-separation maintenance of community assets;
During a divorce, there is a need to communicate with opposing parties, attorneys, and judges. The stress and distractions of divorce can make communicating effectively a challenge. This is particularly true when trying to communicate the significance of property, income, and other information needed in divorce proceedings to attorneys, soon-to-be former spouses and possibly a mediator or judge.
Clearly laying out key ideas and arguments supporting divorce matters can be critical to successful negotiation. Including visual tools such as tables, charts and graphs can help make and emphasize key points. Clear communication can help achieve a satisfactory solution in a timely manner as both sides can clearly see the facts and figures.
Keith Plottel, Managing Partner of LMGW Certified Public Accountants, LLP has been providing forensic accounting services for marital dissolutions and other matters for over 20 years. Contact Keith Plottel to help facilitate timely resolutions if you find yourself in need of a forensic accountant.
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