Divorce Financial Planning –The Role of CPAs in Dividing Assets Fairly.
Going through a divorce can affect your mental being and also your financial condition. However, dealing with the aftermath of a divorce seems to be more demanding. You have to go through all the negotiations regarding child custody, child support, and assets division. However, when it comes to dividing your assets fairly, you must know that your CPA plays an important role in it. In South Abington Township, PA, if you are in this situation, consider seeking assistance from a CPA in South Abington Township, PA, and understand the roleplay of a CPA in the division of your assets.
The roleplay of CPA in dividing assets for your divorce financial planning:
- Understand the assets and divisions.
Before comprehending the roleplay of a CPA in dividing assets, first, you must understand the assets and divisions. Your CPA will make sure to make you comprehend the assets you and your partner have, like your accounts, properties, and investments, and then will explain to you the deficits you both have, like credit card bills, mortgages, and other loans.
- Evaluating the assets.
Once your CPA has explained your financial condition and that of your partner, the next thing he has to do is evaluate the worth of all the assets you both have, like your investments, accounts, property, and more. However, CPAs have many ways to determine the price of all your assets according to the market price.
Moreover, once you and your partner are aware of the value of your assets, it will be more satisfactory for both couples to accept the division of the assets.
- Identifying the separate and marital property.
Another aspect of CPA’s roleplay is that he/she will decide whether the assets are separate or marital. Separate assets include the property that was possessed before marriage, or you were gifted, and marital property means the property you possessed after your marriage.
Hence, a CPA must split the assets equitably between the couple. Thus, he/she will make sure to identify the properties of both and determine which asset is separate and which one is marital.
- Tax essences.
Once your assets are separated, there will be certain tax implications on both properties. A certified public accountant (CPA) will make sure to help you with your tax liabilities and will find some ways to minimize the tax from the assets.
- Child support and custody.
A CPA will also determine the amount that both couples have to give to each other for cases like child custody and child support. You must keep in mind that this determination will be fair but not equal since the CPA will examine the income of both couples to specify an amount.
Consult your certified public accountant (CPA) today!
If you are going through the divorce process and want to plan for your post-divorce activity, consider making an appointment with your CPA.