When you and your spouse decide to divorce in New York, dividing the estate fairly may be one of the biggest concerns. This is especially true if the assets are significant or numerous, from brokerage accounts to vacation homes and businesses. The situation gets messy if the proceedings are not amicable. However, even if both parties want the split, sorting through the financial situation can be challenging.
According to It’s Over Easy, LLC, Forensic accountants can help sort through the paperwork and determine the value of each parties’ estate, determine the overall income and help divide the assets. Unlike typical CPA’s, they do not focus on bookkeeping, taxes or business management. Their sole objective is to work through the financial issues that may arise in a divorce. Common activities of forensic accountants include the following:
- Identify and allocate value to each parties’ assets and liabilities
- Appraise the value of one or both of the spouse’s businesses.
- Locate any pre-marital property and assess its value
- Determine the income available from each party to cover support
- Calculate spousal and child support owed
Not every divorce calls for a forensic accountant. Depending on the situation, this specialized accountant may help make things easier. Ask yourself these questions when deciding if their expertise is needed. Are there businesses involved? Did the marriage begin with substantial individual assets for each of you? Is there property in addition to home and retirement accounts? If the answer to any of these questions is yes, a forensic accountant may be beneficial.
This information is provided for educational purposes and should not be interpreted as legal advice.