The Law Office of Jonathan D. Wald, P.A.

What role can a forensic accountant play in your divorce?

2020-06-08T20:20:19Z

When people hear the word forensic, they likely think of police procedural television shows where experts use blood spatter, footprints or genetic information left behind at a crime scene to recreate the crime itself or possibly track down and successfully prosecute the offender. Not all forensics tie directly into criminal proceedings. Some are merely very good at recreating something that happened or reviewing evidence to understand a situation, like a forensic accountant. A forensic accountant can play an important role in a high-asset divorce. Higher assets can mean more incentive and ability to hide assets from a spouse before and during divorce proceedings. A forensic accountant can play an important role for someone getting a divorce who worries that their spouse might try hiding assets.

What does a forensic accountant do?

Forensic accountants can sometimes serve in criminal proceedings, as they can assist a prosecutor in figuring out the details of a money-laundering scheme. A forensic accountant will go carefully over financial records, looking for discrepancies, unexplained or unaccounted for transfers, and missing funds or assets. A forensic accountant can review banking statements, tax paperwork and more for warning signs of financial infidelity, such as spending or opening accounts without discussing it with a spouse or hiding assets, income and resources by making deposits in an undisclosed account. A forensic accountant can help you find hidden assets or can at least give you a value for the assets that your spouse diverted from marital or shared bank accounts.

When you know what's missing, you can ask for what's fair

In general, when the courts have to divide your assets and debt in a divorce, they must have an accurate inventory of your bank accounts, physical possessions and current deaths in order to find a way that it's fair and reasonable to split things up. If your spouse hid money, accounts or purchases from you, you won't know about those items to claim them and therefore receive their fair value during your divorce. A forensic accountant can find those missing pieces and help you secure the fairest possible outcome.

Will a business or professional practice get split in a divorce?

2020-04-20T21:01:27Z

Running your own business or starting your own professional practice involves risk, hard work, commitment and investment. No matter how smart or skilled you are, the potential for failure may be ever-present, especially during the first few years. Once you have an established customer or client base, your business may begin to flourish and even grow. It is natural to feel protective of something that you have built from the ground up and developed into something that is capable of supporting your entire family. Unfortunately, as you consider divorce, your ex could potentially have an interest in your business or professional practice, as it may be the most substantial asset other than your home and retirement account. Whether or not you will wind up splitting the ownership of your business in the property division process will vary based on a number of factors.

When did you start the company or practice?

The date that you began your business will have an impact on how the courts perceive it. Specifically, the courts will want to know whether you used personal assets or marital assets to invest in the business initially. While you may have only used your income, if you earned that income during your marriage, the courts will likely view it as the partial property of your spouse as well. Even if you started the business well before you got married, if you continued to invest in the company throughout your marriage or if you didn't keep the accounts fully separate from household accounts, your spouse could potentially have a claim to some of the value of the business.

Can you potentially negotiate with your ex about the business?

Even if the business is lucrative, your ex may not want to remain involved in it so much as they want a portion of the value it represents. If you have to go to court and let a Florida family law judge make the decision, they could potentially allocate partial ownership interest to your ex or even order you to pay ongoing alimony as a means of addressing your business or professional practice in the property division process. If you can set your own terms and file an uncontested divorce, you will have more control over the management of the business. Your spouse may happily let go of any claims to ownership or ongoing income from the business if you agree to compromise in other areas or with other valuable assets. In some cases, if you worry about your marriage and your business but aren't ready to file for divorce, you could potentially negotiate a postnuptial agreement with your spouse that makes your business your sole and separate property while making concessions that your spouse wants as well. This will then allow for you to file a faster, uncontested divorce if you aren't able to work out your issues.

How is alimony determined in Florida?

2020-03-11T16:24:22Z

Many people's standard of living worsens after a divorce. A divorce, especially for older couples where one spouse does not have the earning potential of the other, can be financially devastating. If you're preparing for a divorce, it is wise to familiarize yourself with the factors that go into a judge’s determination and could influence how any alimony is evaluated and distributed.

Understanding the variables in a judge’s decision

A family law judge typically decides how alimony is determined. At the moment, there are four types of alimony (or spousal maintenance), though recent legislation could potentially end permanent alimony in Florida. The judge weighs such considerations as the lifestyle of each spouse, their typical expenses, and accustomed amenities, as well as their more basic needs of food, clothing, and housing. Here are some additional factors that could influence a judge's decision:

The duration of the marriage
The ages of each spouse
Employment opportunities/earning potential
Income dependency
Child custody
Standard of living

Fighting for what you’re entitled to

Much of a judge’s ruling involves determining what conditions marked the standard of living during the marriage and how that standard can be maintained for the dependent spouse. Even though Florida is a no-fault divorce state, a judge may factor the reasons for a marriage’s dissolution in determining alimony. If you’re thinking about a divorce, contact an attorney with deep experience in family law and divorce cases.

Child custody and relocation: Points of consideration

2019-12-18T20:19:59Z

Your divorce is in the past and you're focused primarily on providing your children with a stable living environment. While everything is going as well as expected, you come to realize that a relocation may be in your best interest.

Maybe you're moving to another part of your city because you want to save money on housing and living expenses. Or maybe you're picking up and moving to another state because of a job opportunity.

Regardless of the reason for your relocation, you must consider the impact it can have on child custody and the visitation rights of your ex-spouse. Here are some things to focus on:

Type of custody: For example, if you have sole physical and legal custody, it's different than if you have shared custody with your ex.
Distance: There's a big difference between moving 30 miles away from your current home base and 300. With the shorter move, it may not impact the other parent's ability to spend time with their children. But with the longer move, the distance will almost always come into play.
Do you want to take your children with you? If you currently have physical custody of your children, it's likely that you want them to move with you. However, consider the impact including changes to their personal life and the relationship with their other parent.

There are laws in place to help govern every situation involving parental relocation post-divorce. As you learn more about the laws and your legal rights, you can make a decision that makes good sense for all parties involved.

Joint bank accounts and divorce: What should you do?

2019-11-27T03:08:31Z

During your marriage, there's a good chance you opened at least one (and probably more) joint bank account with your spouse. While there's nothing wrong with this, it can cause some confusion if you decide to divorce.

Here are a few key steps to take if you have joint bank accounts and are moving through the divorce process:

Open your own account: Before you do anything with your joint bank accounts, open an individual account where you can house your income and pay your separate expenses.
Keep an eye on your bank account: While you may understand the importance of not using joint bank account funds during divorce, your soon-to-be-ex could see this as an opportunity to make frivolous purchases.
Talk it out: If you want to get this off your plate before your divorce begins, talk to your spouse about options for managing joint bank accounts. For example, you may decide to split the money in half and permanently close the accounts.

Along with the above, make note of the date in which you decided to divorce. After this date, neither of you should use joint bank accounts for individual purchases.

Joint bank accounts are often among the most valuable assets in a divorce case. Planning in advance can help you manage these accounts in a way that benefits both of you.

Issues with property and debt division can hold up the divorce process, so make sure you have a clear understanding of what's happening and the steps you can take to protect your interests before you make another move.

3 tips for keeping your emotions in check during your divorce

2019-11-27T03:09:06Z

Getting a divorce may never have been an experience you anticipated having. You may have felt that your marriage had its ups and downs, but you believed you could work through your issues. Because you held this mindset, you may have felt blindsided when your spouse told you that he or she wanted a divorce.

Understandably, your emotions may run wild. You may feel hurt if your spouse simply does not value the relationship any longer, or you may feel angry if your spouse has already found someone else. More likely, you may feel hurt and anger, and any number of other emotions as your life turns upside down.

Stay in control

Though your emotions may tell you to use your divorce case as a way to get back at your soon-to-be ex, that can be a detrimental path to take. You may end up dragging out the divorce process and cause both your ex and you more difficulties than necessary. Instead, you may want to work to stay in control of your emotions. Certainly, that action is easier said than done, but the following tips may help:

Find a mood-boosting activity: It is easy to feel down when a distressing event takes place, so you may need to find an activity to help keep your spirits up, such as going for a walk or meeting a friend for coffee or to shop.
Identify your emotions: If you want to stay in control of your feelings, you need to know what emotions are happening. By identifying whether you feel angry, frustrated, sad, nervous or something else, you may have a better chance of working through that emotion in a productive way.
Stay realistic: It is easy for your emotions to cloud the reality of a situation and cause you to think of the worst-case scenario. By reframing your thoughts and staying realistic about your case, you may feel more in control and can work toward the outcomes you want.

Approaching your divorce with your emotions running wild can cause more harm than good in many cases. By having a clear mind, you may better understand what is happening in your case and what steps you can take in order to reach your end goals quickly and effectively. Remaining civil and professional may prevent you from making choices that you regret later.

Follow these tips when exchanging custody of your children

2019-11-27T03:08:41Z

Your divorce is in the past, and you have a parenting plan and visitation schedule to follow. While everything is laid out in front of you, it's still possible that you'll run into some challenges.

For example, exchanging custody of your children is easier said than done. This is particularly true if you don't get along with your ex.

Here are some easy to follow tips that can ease the tension:

Choose a safe location: If you have any concerns about your safety, it's best to choose a public location when exchanging custody. Doing so at your house or that of your ex is inviting danger.
Bring someone along with you: This person doesn't have to say or do anything. Instead, they're there to reduce tension and act as a witness should things take a turn for the worse.
Show up a few minutes early: Showing up late will anger your ex, thus putting the exchange in a bad spot from the start. When you arrive early, you take this out of the equation.
Don't look for an argument: Even if your ex angers you, such as by doing something with your children that you asked them not to, it's not worth the fight. Take some time to cool off before you address your concerns.

At first, you may find it stressful to exchange custody of your children. Fortunately, as you and your ex get used to this, you'll find it easier to stay on track.

And if things don't get better, such as if your ex violates their visitation schedule, you may need to learn more about your legal rights for seeking a modification.

Are you concerned about a hidden bank account in divorce?

2019-11-27T03:09:00Z

Once you decide to move on from your marriage, you'll turn your attention to the divorce process. This entails many key details, with property and debt division typically moving toward the top of the list.

At some point, you may develop concerns about your soon-to-be ex-spouse hiding assets from you and the court. This can be accomplished in many ways, with a hidden bank account among the most common.

Since you want to get everything you deserve from your divorce settlement, it's critical to dig up these hidden accounts in advance of the divorce process. Here are some tips for doing so:

Examine bank statements: Once you have access to the other individual's disclosure of assets, review the bank accounts that are listed. Look for things such as transfers to other accounts and missing monthly statements. If you come across a red flag, continue to dig until you find an answer.
Check cryptocurrency accounts: With cryptocurrency growing in popularity, your ex may attempt to hide money here.
Make formal requests: If you find something that doesn't add up, you can make a formal request for financial information. The law requires your ex to answer truthfully, so don't hesitate to take this step if necessary.

Don't assume that the person you're divorcing will act in a truthful and honest manner before and during the divorce process. If you have concerns about a hidden bank account, take action to learn more. Doing so will put your mind at ease, while also positioning you to receive all the assets you deserve.

Financial assets and your property division checklist

2019-11-27T03:08:55Z

Divorce will change your financial life in many ways, so it's critical to prepare in advance. Neglecting to do so increases the risk of making a mistake that costs you money both now and in the future.

While your property division checklist should include a list of all your assets, it's the financial assets category that often receives the most attention. This is a result of it typically holding the most value.

Here are the types of assets that often fall into this category:

Checking and savings accounts
Cash
Educational accounts for your children
Retirement accounts, including IRAs and 401(k) plans
Pensions
Profit-sharing
Stocks and bonds
Annuities
Certificates of deposit
Mutual funds
Trusts
Life insurance policy cash values

Understand the details of each asset

For example, if you brought a particular asset into the marriage, such as an individual bank account, and have never comingled the funds, it may be considered separate property. This allows you to protect it from the property division process.

Also, keep in mind that some assets will impact your finances differently in the future. Maybe it sounds like a good idea to hand over all your retirement assets in exchange for others, but this can make it very difficult to retire at your target age.

A comprehensive property division checklist will put your mind at ease as you move toward divorce and take on the process. But when you combine a checklist with knowledge of your legal rights and a plan for moving forward, you'll have the confidence you need to tackle any challenge that comes your way.

Can you get a child support modification?

2019-11-27T03:09:17Z

Despite your best efforts, you're unable to stay current with your child support payments. Rather than dig yourself a deeper hole, it's best to learn how to request a modification from the court that issued the original order.

Here are five things you should do:

Take action: The more payments you miss, the more money you'll need to catch up. Remember, the court expects you to make child support payments in full until you receive a modification.
Talk to the other parent: This doesn't always work, but if the other parent signs off on a modification, it's much easier to get the court to follow suit.
Keep making payments: Even if you can't make your child support payments in full, pay as much as you can. Not only does this show the court that you're trying, but it also helps protect against falling too far behind.
Document your financial change: The court wants to know why you're unable to make your child support payments in full. Common reasons include a job loss, pay cut or serious health concern.
File your request: You'll file your request for a child support modification with the court that issued your current order. From there, it won't be long before you know what the future holds in regards to payments.

There is no guarantee that you will qualify for a child support modification, but if you can't keep up with payments, you should consider taking this action. When you combine the steps above with knowledge of your legal rights, you'll know what you need to do.