An Accountancy Corporation
In the practice of Family Law, it is the attorney’s duty to inform clients of all reasonably evident legal issues or problems and to surpass his scope of representation when necessary, including recommending consultations with other professionals, such as Forensic Accountants. Falling within this sphere of responsibility includes advising clients concerning the potential of double…
DetailsDocuments Needed for Incorporated Businesses There are specific documents concerning corporations that Forensic Accountants frequently request to review in a dissolution matter. Typical ones include articles of incorporation, by-laws, corporate minutes, stock certificate books, stock ownership lists, organograms and job descriptions of key officers. Articles of incorporation: Forensic Accountants want to know when the company…
DetailsIn the previous issue of Forensic Accounting Today, I consisely clarified the key reasons why Forensic Accountants request certain documents for business valuations. These included financial statements, tax returns, general ledgers and journals, paid bills, bank statements, canceled checks and brokerage statements, income tax audits, and stockholder and director minutes. (If you do not have…
DetailsThe valuation and distribution of marital property is typically one of the most difficult and arguable issues to be dealt with in a divorce proceeding. The process can become considerably more complicated and expensive when the marital community owns an interest in a business. In such cases, a Forensic Accountant is often hired by the…
DetailsFrank Bonvino’s Appeal Frank Bonvino based his appeal of the trial court’s decision on the contention that there was no evidence he transmuted his separate property to community property. By plain language of this statute, Family Code §2640 applies to separate property contributions that are traceable from a community property asset at dissolution. Section 2640…
DetailsThe fiduciary duty of each party involved in the dissolution of a marriage requires full disclosure of documents and information that are pertinent to their case without being requested. This obligation includes the distinct nature and valuation of all assets and debts in which the community has or could have an interest or for which…
DetailsThe standard used by the courts in California to determine spousal support payment amounts is designated by the California Family Law Code as Marital Standard of Living (MSOL). Marital Standard of Living is considered by the courts to be a general description of the financial place in life the parties achieved as of their date…
DetailsEstablishing the value of a life insurance policy can be one of the more muddled issues to deal with when determining property division. Although there are several types of life insurance policies, not all forms give rise to property division issues. Generally, there are two categories of life insurance you need to consider— whole life…
DetailsIn the State of California, retirement benefits are considered a form of employment compensation. Thus, the community estate owns the pension rights that pertain to employment during the marriage. This holds true regardless whether the pension benefits have vested or matured. The division of pension benefits between the separate and community estates must be “reasonable…
DetailsOne of the most significant challenges attorneys usually face in divorce cases concerns issues related to the family home. Should your client buy out the other party? Should your client allow the other party to buy out the home? Would it be better if the parties sell the home and split the proceeds? Or, perhaps…
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