‘This spouse saved $447,708 from a divorce by cleaning up their assets.’
Divorce is like a 50% tax—it's imporant to properly value your assets, especially during a divorce.
1 min read

Money Found

25 January 2024

This spouse saved $447,708 from a divorce by cleaning up their assets.

Angie M Grainger

Okay, I have to be sensitive here.

I always keep my clients' information private when writing these stories, and even change up the details to keep the anonymity for them. The stories are all true, but the names and professions are protected.

But when it comes to divorce, it gets a little more personal so I’ll be extra careful here.

Although I hate seeing couples break up, I love helping clients through divorce, because I can hold the space for the emotions while also getting deep down into the truth and facts of the numbers.

When your wealth grows, so do the number of entities and assets you own.

As you go through a divorce you have to list all of your assets and debts, and in an ideal situation, agree on how to split them up.

But if you have the wrong assets—or the wrong values listed on them—you could end up splitting something that doesn't exist.

In one divorce situation I worked on last year, there was an asset listed for $895,415.

All good, right? The only problem—it wasn't either one of the spouses' asset to begin with!

It was actually an entity of one of their business partners. The naming of the entity was similar to their other entities, and the forensic CPA they were working with prior to coming to us listed it as their asset as a result.

(This motivated me to get a forensic CPA credential this year, and do much better at this type of work!)

Anyway, one of the spouses would have had to come up with $447k to payoff the other spouse for something that didn't exist.

The spouse came to me in the middle of their divorce and we were able to prevent this from happening to either one of the spouses.

Let us help you set up your family office. You don't have to be Elon Musk to put systems and controls over your assets. We focus on the ‘emerging wealth’ group of professionals and business owners—just like you—so that you actually CAN reach those much bigger goals in life.

Book an appointment with us today.

Why settle for anything less than your own, personal CPA firm?

Why settle for anything less than your own, personal CPA firm?

Our team of Certified Public Accountants, Personal Financial Specialists, and Certified Financial Planners® is dedicated to personal finance—so we’re dedicated to you.

Our team of Certified Public Accountants, Personal Financial Specialists, and Certified Financial Planners® is dedicated to personal finance—so we’re dedicated to you.

Prosper-ent

one who prospers.

Prosper-ent

one who prospers.