You may be preparing to go through a divorce and wondering, Do I need a forensic accountant for my Jupiter divorce? Well, it depends. In some cases it may be necessary for your Jupiter divorce lawyer to hire a forensic accountant.
First things first. If you hire a divorce lawyer you trust, who is a qualified and experienced divorce and family law specialist, then he or she will help you ask and answer the right questions to make this determination. Ultimately, your Jupiter divorce lawyer should seek to do only what is in your best interests – and sometimes, as we will explain, hiring a forensic accountant is just that.
What does a forensic accountant do?
A forensic accountant is a trained accounting professional who is able to provide a number of services to families going through a divorce. Their specialties in Jupiter divorce cases include:
- the review of financial disclosure
- calculating support guidelines
- valuation of the family business
- standard of living analysis
- assisting the divorce lawyer with reviewing financial documents
When is a forensic accountant necessary?
An experienced and knowledgeable Jupiter divorce lawyer will be well versed in issues such as taxes, finances, alimony, child support, distribution of assets and liabilities, and so on. However, divorce cases can get quite complex, and therefore bringing in a forensic accountant may be advisable.
Here is a common scenario. You and your spouse have a lucrative family business that was started during the marriage, and with which you are both very involved. Now, what will happen to the business? Will it have to be sold? Will one of you get to stay in, while the other has to get out? Can you and your ex continue to work together in the business after your divorce? What is the business worth, and how do you find that out?
The thing to remember is, your current business accountant is not capable of providing proper valuation services for your divorce. You need to hire an independent expert forensic accountant. The forensic accountant will meet with your business CPA, examine the books and records, and will also review the history of the business with you.
The forensic accountant will be able to determine a realistic and current market value, correct and reliable cash flows and asset/liability valuations. His/her report will be central to your divorce, whether settled or contested.
If you are wondering whether a forensic accountant will be needed for your Jupiter divorce case, contact George Gelb. He has over 35 years experience in divorce and family law, and he will advise you according to your best interests. Should you need a forensic accountant, George Gelb will recommend the best one suited to your particular needs.