Divorce is not a pleasant process for anyone, no matter how amicable you and your ex-spouse are. This is often due to the pressures of splitting assets fairly between the two of you.
One way to lessen your financial headache is to work with a law office that also employs a Certified Public Accountant (CPA) who has training in tax law and accounting. This is useful for divorcing couples in three ways:
1. Discovery process
The discovery process is the first step in your divorce. This is where each party shares their financial information and other evidence so the lawyers can understand your case. A CPA is helpful here because they can identify what assets are marital property and need divided.
2. Planning equitable division
Another way a CPA can help your high-asset divorce go smoothly is by making a plan for the division of property. A CPA is an objective party that can recommend how to fairly divide assets and liabilities. Doing so can shorten the divorce process and even save you money.
3. Tax implications
One of the clearest ways a CPA can assist you during a divorce is by informing you of any applicable tax laws. A divorce not only changes your household income but also changes your tax filing status. Consulting a CPA alongside your attorney can prevent any surprises come tax season.
Considering what is at stake financially when you get a divorce, you should use all the tools at your disposal to get a fair share of your capital.