Divorce is a life-changing event that is not only emotional for those involved, but often has significant implications for their continued financial health as well. Depending on the circumstances that surround the break-up, the participants may struggle to cooperate when ending their marriage. This can lead to a more difficult process and prolong the efforts to come to a final agreement, even in a common law state such as California.
While there is no shortage of issues to quarrel over in a divorce, one of the main conflicts is usually the division of marital property. What the divisible net assets are and which spouse “deserves” or is “entitled” to those assets are often at the center of these conflicts.
Divorce engagements require CPAs to act in either or both of two roles.
One role is that of a forensic accountant in locating all assets and liabilities for marital division. The other role requires the CPA to apply their tax expertise to the separation of the marital assets and subsequent payments.
The team at WDC & Associates has vast experience in both roles.
Whether the divorce documents were just filed, or there is a court-ordered deadline to determine the division of marital assets, WDC is here to help!