Finances are a massive concern for couples getting divorced. Working with a CPA can help protect your financial security.
What is a CPA?
A Certified Public Accountant (CPA) refers to the title of a highly qualified accountant. In order to become a CPA in the U.S., individuals have to pass the Uniform CPA Examination from the American Institute of Certified Public Accounts (AICPA) as well as meet education and work experience requirements. Essentially, a CPA enforces professional standards in the accounting industry.
Benefits of Working With a Lawyer and CPA
Working with a family law firm and a CPA can give you the convenience of being able to receive legal advice and financial advice at the same time. The benefits that come from choosing a divorce lawyer who works well with a CPA are definitely worthwhile.
With a CPA, divorce lawyers can understand every aspect of a case, which allows them to support their clients better. This saves both you and your attorney tremendous amounts of time. Your attorney can know for certain they have a reliable financial expert that is equipped to handle any complex financial issues that might come up in your divorce. There is no need to spend resources seeking out an accountant.
In high-complex divorce cases, some spouses may attempt to hide assets during their divorce in order to keep them from property division. These assets can be hidden in offshore accounts, stowed away with a friend, or purchased through property. Utilizing a CPA’s assistance can uncover hidden property and income.
There are many other benefits to working with a CPA, including:
- Do not need to pay separate retainer fees for preliminary forensic accountants
- Enhanced ability to evaluate your case and create a financial case plan
- Brings an expert level of financial analysis to your case
- A more detailed-focus to property division issues
- Specialized support for business valuations
- Expert review of income for calculating child support and alimony
- Tax preparation services following a divorce
