Accounting professionals with experience in divorce cases are sought after by New York families seeking assistance with asset division. These specialized practitioners are unbiased and objective. The state licenses CPAs who might work with attorneys, but their findings are independent and non-biased. CPAs might be called to testify as expert witnesses in divorce cases; therefore, their credibility is essential.
A CPA might be called upon to assess spousal or child support, the value of the marital home, pension funds, taxes and other financial issues. Divorce is often contentious, while the benefit of a CPA lessens stress by reducing fights over assets and liabilities.
CPAs and divorce law
Consistent divorce law changes increase the need for divorce accountants specializing in the division of assets. These specialized services cost more than general accountants because of their expertise.
High-asset divorces get complicated and spousal separation affects tax status. CPAs may be tax attorneys or forensic financial accountants trained in tax law for divorcing couples.
The laws get more complex regarding prenuptial or post-nuptial agreements. Judges seek opinions from specialized CPAs when deciding asset division, spousal or child support and which spouse pays or receives payments for the other.
CPAs role during legal separation pending divorce
Married filing jointly is a significant tax benefit for couples. Divorcing couples might decide to file taxes separately, increasing tax liability, living expenses associated with separate housing and other post-marital costs.
A CPA evaluates the liability a spouse will incur if placed in a higher taxed status. CPAs aid married couples in achieving more amicable and less costly dissolutions.
Insurance is another role where CPAs assist in separating family assets and expenses. Children might require professional counseling to help them process the family unit’s loss. CPAs help parents decide the cost burden for paid medical insurance for their children.