Lifestyle Analysis: Is Hiring a Forensic Accountant My Only Option?
Financial disclosure is required early on in a divorce in order to be able to divide all assets accordingly. When alimony is in question, it’s not unusual for a forensic accountant to be hired to complete a Lifestyle Analysis. Particularly in high net worth divorce cases, it can be difficult to ascertain the volume of data regarding the financial details. The accountant’s Lifestyle Analysis reviews all accounts and statements, looks at spending and makes adjustments for seasonal expenses. Forensic accountants might also uncover hidden assets.
Unsurprisingly, this service comes at a high cost. Divorce attorneys may end up paying for this specialist themselves, or the accountant’s fees might be added into the cost of the divorce services and paid by the clients. Either way, it is an added expense that most people would prefer to avoid.
Until recently, attorneys did not have much choice if they needed a Lifestyle Analysis. Now, thanks to EasySoft’s Divorce Financials legal software, law firms can develop Lifestyle Analyses in-house, saving their clients time and money.
You Don’t Need to be a Financial Expert With Divorce Financials to Assist You
Attorneys are trained in the law, not finance, yet both come in to play during a divorce. There’s a lot at stake when calculating the financial impact of a divorce. Without a pre-nuptial agreement to serve as a guide or in cases of high net worth divorces, calculating these impacts can be intimidating and causes many attorneys to call in an accountant for assistance.
If you don’t like the thought of hiring accountants every time you need financial expertise during a divorce case, know that there is another way. EasySoft’s Divorce Financials manages the financial process of a divorce for you, helping to analyze data and calculate settlements quickly and accurately….without the need for an accounting background. Using Divorce Financials, you can conduct a Lifestyle Analysis, analyze and compute alimony, child support, and even monthly expenses yourself.
Divorce Financials Lifestyle Analysis feature analyzes the payer’s ability to pay and the recipient’s needs based on his or her current lifestyle. Using bank and credit card statements, the software can compute, with 100% accuracy, the alimony needed to sustain the recipient’s current lifestyle.
As long as you have all of the necessary documentation, your own paralegals can prepare a lifestyle analysis comparable to one a forensic accountant would prepare. The major advantages of this are:
- Saving money by not having to outsource this aspect of the divorce process.
- Saving time over having to coordinate with a forensic accountant to obtain the analysis.
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Divorce Financials is made especially for family law attorneys who want to offer as many services as they can to their clients without outsourcing the work. The integrated tools and features allow attorneys to provide comprehensive, accurate service and financial analysis that might otherwise be provided by a forensic accountant.