When dealing with a divorce, it is important to hire the correct professionals to assist with the process. An attorney is necessary to deal with all of the legal issues that come with a divorce: child custody, property division and spousal maintenance are all issues that need to be dealt with before a divorce can be granted. Qualified therapists can also be beneficial to help each spouse, as well as any children affected by the dissolution of the marriage. Another service provider that is essential in many divorce cases is a licensed CPA that has experience in dealing with divorce cases and marital assets.
Division of Property
When dealing with the division of marital assets, it is important to have a proper accounting of the assets in the marriage and the value attached to each asset. This includes all tangible assets, to include houses and other real estate, vehicles, jewelry, electronics and other items of high value. Personal belongings may also be subject to accounting; this depends upon the laws in the state in which the divorce proceedings are taking place. Several states require that all assets be split in half evenly, while other states leave the division of the assets to the court to decide. A CPA can help ensure that each party to the divorce gets a fair and equitable share of all assets that are owned by the married couple at the time of divorce.
Child Support and Spousal Maintenance
Along with the division of marital assets, support payments also can be a point of contention between the parties involved in a divorce. Again, this is where the services of a CPA can be invaluable. A CPA can calculate each spouse's income and assets, and determine an equitable amount of spousal maintenance, if the parties live in one of the states that allow for this type of payment to be made to a spouse who has no employment or very little income at the time of the divorce. The CPA can also help determine what is fair as far as child support payments and the division of expenses related to raising children, such as healthcare and college education costs.
When a marriage ends, there are several tax issues that arise. Each spouse should avail themselves of the assistance of a CPA like Amos Maney & Payne CPA's LLC, as well as a tax preparer to ensure that they don't miss any tax issues or deductions that may affect their tax return for the next several years following the