Divorces can sometimes be complex. The complexity of the divorce depends on a number of factors. The most important reason at the core of most Orange County divorces whether they are complex or simple is finances. The financial aspect of a divorce is most commonly at the fore of divorces with each spouse making finances their number one priority after the children in a case. The complexities of the divorce can sometimes make the use of forensic accountants almost inevitable in some situations. In this blog, we will look at the role of the forensic accountants in Orange County divorce cases.
Why Are They Called In A Divorce Case?
Orange County divorce attorneys use forensic accountants in situations where the financial matters become too technical for a lay person to be able to comprehend. This can be in situations related to valuation disagreements and tax issues.
· To Determine Child Support
In cases where the spouses are self employed and therefore have no set salaried or monthly income, an Orange County lawyer will need detailed analysis of their incomes to be able to take out the specific and equitable child support amount. A forensic accountant can be of use not only to the Orange County lawyers in determining the exact incomes of both.
Sometimes, forensic accountants are used to protect a spouse being over calculations of his or her income by the Orange County family courts. Forensic accountants are also beneficial in being able to identify concealment or underreporting of income to avoid the hefty child support payments.
· To Determine Spousal Support
The process of determining spousal support is similar to that of determining the child support. This means that most of the work that the forensic accountant is likely to do in child support cases is similar to his/her tasks for spousal support. A forensic accountant can be asked by the courts or the lawyers of either of the spouse to make a marital life style calculation which will help the courts get an exact bearing of the couples’ financial past.
· Valuation of the Business
Orange County divorces that have self-employed spouses tend to have more financial intricacies than the other ones. In such a moment of time, there are several issues that can come up, one of the most important one is the valuation of the business for its correct distribution among the parties. Forensic accountants use their financial knowledge to solve such complex valuation issues allowing for fairer decisions.
· Separate or Community Property
There are distinctions under California law between the two types of properties. One of them is the community while the other is separate property. At times, the intricacies of the financial matters can require use of forensic accountants are brought in to distinguish between the communal and separate property.
Gerald A. Maggio is an experienced Orange County divorce and family law lawyer and family law attorney located in Irvine, California, serving the Orange County and Riverside areas. Mr. Maggio assists clients with legal issues including divorce, legal separation, divorce mediation, child custody, prenuptial agreements, stepparent adoptions, and other family law issues. Mr. Maggio has practiced law in California since 1999, and founded The Maggio Law Firm in 2005, focusing exclusively on divorce and family law matters.