After retaining your divorce lawyer, your attorney may recommend that you also retain the services of a "forensic" CPA. We all know what a Certified Public Accountant (CPA) is. The word "forensic" is an adjective from the Latin word, forensis which means to "belong to the forum," ancient Rome's site for public debate. Forensic currently means, "pertaining to the courts." Thus, forensic testimony by a CPA is used to assist the court or the attorneys in legal matters, including trials.

A forensic CPA is one of the team members your divorce attorney may need to value a business, calculate the standard of living so that the right amount of alimony can be determined, and determine the tax consequences of various alimony distributions and awards of property.

It is highly likely that many divorce attorneys could do all of these things. But the law forbids your attorney from being both your attorney and a witness in your case. Thus, a forensic CPA frequently becomes one of your divorce team members. The CPA can testify in court on your behalf regarding all of the complicated financial matters in your case thus relieving you of the stressful obligation to do so. That service alone is worth its weight in gold

Louis P. Ortiz is one of Florida's finest forensic CPAs. The quality of his services to my clients has been so exceptional, that I wanted you to have the opportunity to read both about his background and the services he provides to attorneys who like me, practice divorce law.

What follows is an article by Mr. Ortiz about the services he provides to your divorce attorney as a divorce team member.

A CPA can assist the client and the attorney in a Divorce engagement in many ways that should ultimately result in saving or obtaining more money for the client and assisting the attorney so that the total professional fees are more cost effective for the client.

A CPA can assist in one or more of the following areas:

• Investigative Accounting
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• Financial Affidavit and Life Style Analysis
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• Business Valuation
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• Income Tax Planning
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• Financial Planning
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INVESTIGATIVE ACCOUNTING

The CPA can help the attorney in the identification and discovery of complicated financial and tax information as well as the careful analysis and interpretation of the data received from the other side. No assumptions can be made about the records produced since the investigative accountant looks behind and beyond the transactions. Undiscovered assets or streams of income may radically change the outcome of any divorce proceeding

FINANCIAL AFFIDAVIT AND LIFESTYLE ANALYSIS

The attorney and CPA need to coordinate with the client to prepare/critique the most accurate and effective lifestyle analysis that is relevant in the particular circumstances to their clients. The results of the Lifestyle Analysis along with the other information required on the Financial Affidavit will very helpful or detrimental in the conclusion of a divorce matter

BUSINESS VALUATION

In many divorces the largest asset is the value of a business that one of the spouses may own outright or have an ownership interest in. Business Valuations can be very complex even though all of the records are produced. It is critically important that the business be valued according to Fair Market Value standards and specifically address Florida/divorce valuation issues.

INCOME TAX PLANNING

Federal Income Tax law affecting divorces is complex and not very well understood by attorneys and accountants that do not practice in this area frequently. The attorney and the CPA must work together to structure payments/receipts of moneys and divisions of assets and liabilities in a manner that will create value for their clients.

FINANCIAL PLANNING

After all discussions, ideas, projections and perhaps testimony have been completed, do all of the facts and numbers in this matter combine to make financial sense. It is critical that income received or to be paid in the present and the future from earnings or investments is achievable and realistic. Likewise, expenses and investments must logically be met by the expected sources of moneys to be received from a myriad of areas. It takes careful financial planning to achieve the agreed upon economic divisions of income, expenses, assets and liabilities.