Divorcing spouses who own one or more businesses need a detailed financial analysis in order to properly evaluate these interests. A Business Lifestyle Analysis may be performed to determine the true income of the company and find out where the money is really going. Tracy Coenen talks about how she analyzes the detailed accounting records … Read more Business Lifestyle Analysis in Divorce
Tracy Coenen talks about the lifestyle analysis in divorce cases: what it is, and the basic uses for it.
In the below video, Tracy Coenen talks about three common methods that are used to calculate lost profits in commercial litigation: the before and after approach, the yardstick approach, and hypothetical profits. In general, these methods are aimed at determining the profits a company would have realized if the incident giving rise to the litigation … Read more Lost Profits Calculations in Litigation
What do you do when a spouse will not accurately disclose income during a divorce? One option is to analyze the bank statements. Tracy explains how this is done.
In divorce cases, forensic accountants can use the “net worth method of proof” to calculate income. This is used to search for hidden or unreported income. Rather than simply taking a spouse’s word for it that his or her income is X, we can do an analysis like this to try to verify the claimed … Read more Calculating Income Using the Net Worth Method of Proof
Attorney Miles Mason talks about qualifying someone as an expert witness. How does he demonstrate an accountant’s training, experience, and credentials so that the court will permit him or her to testify as an expert?
When a divorce is pending, it is not uncommon for one of the parties to manipulate the finances. Tracy discusses some common items that can be manipulated such as salary, selling assets to related parties, and more.
In this video, Tracy Coenen explains the purpose and process behind doing a lifestyle analysis in a divorce case. There are three main reasons why a lifestyle analysis may be done: To determine the amount of money needed to continue living a lifestyle consistent with the lifestyle enjoyed during the marriage (This relates to child … Read more Why and How to Do a Lifestyle Analysis in a Divorce
If you’re new to the world of forensic accounting (also called investigative accounting), this video will give you an idea of the types of cases a forensic accountant might work on. There is quite a variety in the work, but most of it has something to do with fraud or litigation.
After completing a lifestyle analysis for a divorce case, a written report is often requested. In the below video, Tracy describes the information she puts in her written reports, which often includes things like background information, documents utilized, important estimates, and methodology used.