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3 ways an accountant may improve your divorce

On Behalf of | Feb 16, 2020 | Firm News

If you are heading for a divorce, you probably have a great deal on your mind. For example, you may have worries about where you will live, how you will support yourself or when the matter will end. Access to the right information, though, may help put your mind at ease.

In Florida, judges divide marital property based on what is equitable. Therefore, you should receive your fair share of marital assets after your divorce ends. Still, financial matters can be incredibly complex. Here are three ways that an accountant may improve your divorce standing:

1. Find hidden assets 

Divorcing spouses have an obligation to be honest with each other about finances, including wealth and debts. If you suspect that your spouse is being less than truthful, an accountant can likely help you track down hidden assets. He or she can also alert you to possible discrepancies with financial disclosures.

2. Calculate your expenses 

Budgeting for your post-divorce life may be dramatically different than ever before. As such, you may need some assistance calculating your expenses to help you better plan for seeking spousal support. Alternatively, if you expect to pay alimony, an accountant may help you understand your financial exposure.

3. Appraise marital wealth 

While cash and investment accounts are relatively easy to value, the same may not be true for other marital wealth. If you have unique property, collectibles, antiques, artwork or other hard-to-value items, working with an accountant may make sense. After all, you must know how much your assets are worth to advocate effectively for an equitable share.

While you may feel a sense of uncertainty during the lead-up to your divorce, your finances should not be a source of confusion. On the contrary, by working with the right team, you improve your chances of emerging from your divorce with a strong financial foundation. For a variety of reasons, tapping into the professional knowledge of a qualified accountant may be a wise choice.