Even when couples know that divorce is inevitable, many are afraid to venture forward out of fear that they will not financially survive. Issues such as how to split the assets and divide the cash flow may be of concern, but with the help of neutral financial professionals, those fears can be dispelled, and one can financially survive a divorce.
From the Beginning of the Divorce
Working with a strong professional from the beginning of the matter whose goal is to help you expeditiously settle your financial issues is key to financially surviving your divorce.
A forensic accountant. The forensic accountant will assist you in:
- Preparing the court-required financial disclosures.
- Preparing a business valuation (if a business is involved).
- Preparing an analysis and evaluation of the cash flow available for support.
- Preparing a tracing analysis (or if any tracing analysis is needed on comingled accounts, real estate, or retirement accounts) to determine the allocation between community and separate property.
A neutral financial professional. The neutral financial professional will assist you in:
- Valuing all financial assets (Real Estate may require an appraiser).
- Determining the amount of support one party may require and the ability to pay of both parties.
- Assessing which assets may need to be liquidated.
- Helping prepare the division of assets considering the taxation issues with the proposed division.
- Retaining a forensic accountant early in the process to assist with document preparation and other necessary financial disclosures.
It may seem impossible, but when a divorcing couple works together and sees exactly what the other spouse will have and what their financial needs are, there can be a good understanding as to why the assets are divided in the manner they are.
For example, they may learn exactly how much social security each of them will receive. If one spouse is ordered to pay support, they will understand why that is necessary. The neutral financial professional can help each party see what their financial life should look like in the next five to twenty years, which can greatly reduce anxiety about money.
Contact Our Professional Team of Divorce Financial Experts
For assistance from a certified and experienced financial professional, contact the office of Ron J. Anfuso, CPA/ABV, an accountancy corporation. Mr. Anfuso is a Certified Divorce Financial Analyst who has extensive experience as a forensic accountant and will specifically address all aspects of the financial issues relevant to your divorce.
Mr. Anfuso helps divorcing couples work as a team to secure their financial future. Call the office of Ron J. Anfuso today at (310) 378-6606 to schedule a free consultation with an experienced divorce financial professional.
This article was originally posted on the Collaborative Divorce California website.