Divorce Litigation

One of the most complex areas of the law is family law. It encompasses a range of diverse concerns and issues – financial as well as personal. These include elements of finance, taxes, long-term planning, multi-year contractual relationships, human issues, custody battles, estate tax, and virtually anything else that could happen when two individuals address the breaking up of a long-term partnership with financial complexity.

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CPAs fill a multi-faceted role in this situation. We cover the financial investigation of a business, determination of benefits/perquisites, funds flow tracing, development of a lifestyle analysis, uncovering unreported income, uncovering hidden assets, the valuation of a business, and tax and financial planning.

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The Barson Group brings to the table the formidable combination of the specialized knowledge necessary to function in this area, the intuitive sense of how to tackle financial investigations, the ability to deal with the people and emotional issues, and to be a credible expert witness.

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Discovery 

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Often, before we even get serious about doing what we do, it is requested of us to assist in determining what needs to be provided in discovery and then following up as the issues develop and expand.

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Financial Investigations 

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Forensic accounting is another term for financial investigation — and is often the guts of what we do; the detailed review and analysis of the books and records of one or more closely held businesses; for the purpose of determining the real income generated from the business as well as compensation and benefits (perquisites). Often we are asked to do a financial tracing investigation where there’s no business involved, but rather a pool of funds/investments.

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Business Valuations

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The financial exposure of the business owner — or the potential financial benefit for the non-business spouse — is often the biggest dollar item in a case. This is an area that can make or break a divorce case, and where we have often produced stellar results in trial as well as in the negotiation process.

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Lifestyle 

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Even when a business is involved, a standard of living analysis can be more important than the business investigation and valuation itself. How did the couple or family live; how was money spent and saved. We provide a solid understanding of the marital lifestyle — a critical element in helping to support a position as to the appropriate amount of alimony/support.

 

Tax Matters 

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Divorce has a unique set of tax laws. We address the tax implications of equitable distribution, retirement assets, alimony, child support, and a multitude of other very special issues.

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Negotiations and Settlement

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The ability of counsel to move forward with a strong team effort that includes a divorce-savvy CPA, can be invaluable in the negotiation and settlement process. This often includes our being able to be creative, developing the necessary cash flow out of what is often an illiquid pool of assets, in order to help the parties accomplish their combined desired goals.

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Expert Witness Testimony/Trial 

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While most cases settle, some go to trial. When it comes to the final settlement, there’s nothing that can replace the experienced expert witness, one who has testified on numerous occasions. Our judicial decision track record speaks for itself.

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Comprehension and Creativity 

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CPAs working with clients in divorce litigation are not typically described as comprehensive and creative — but we are. Our abilities to comprehend the situation, grasp the pieces and the nuances, to apply knowledge, experience, and insight in a creative fashion, make all the difference in a case.

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A New Start 

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A reality of working on behalf of the non-business or non-financial spouse is the need, once the divorce is resolved, to help that person manage their finances. Whether it's assistance with the designing of a budget, dealing with tax issues, or addressing the complexity of handling the investment of a pool of funds, we are there to help — directly, or by recommending independent third parties with whom we have a working relationship.

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We welcome your inquiries and we look forward to working with you. In addition, many times we have worked with clients who are already committed to an accounting firm – but get us involved (often the other accounting firm brings us in) for special needs where we can work well in tandem with their existing accounting firm.

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