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Diversion of Assets

Lost in a divorce? Use Divorce Checklist as your GPS

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Divorce Guidebook

When a couple ties the knot, they plan on a lifetime union. Unfortunately, close to 50 percent of marriages end in divorce.  A divorce is never pleasant, but careful planning may make the process less stressful and enable you to obtain a better financial arrangement. To help you through this difficult time, Urbach & Avraham, CPAs has prepared a Divorce Checklist that outlines steps couples should consider.

Click here for Divorce Checklist

Diversion of assets? Unreported income? Family business?

The checklist is an easy-to-understand guide, starting with pre-divorce planning, guiding you through the financial aspects of the proceedings, and highlighting post-divorce issues. This comprehensive list can assist you in navigating through this nerve-wracking ordeal.

The roadmap can help with technical and other questions for your CPA, legal or other financial advisors. We work with many qualified divorce attorneys to seamlessly coordinate your issues.

The Urbach & Avraham Divorce Checklist also highlights complexities presented when a family owned business is involved: Have you engaged a valuation specialist? Suspect unreported income? Accounted for five years of business records?

You’re already coping with many emotional and other issues. We’re here to help lift the burden by assisting you with financial, tax and other matters during this trying time.

 

Pamela Avraham Achieves Fraud Examiner Certification

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Congratulations to Partner Pamela Avraham on her well-deserved certification as a Certified Fraud Examiner (CFE). It comes as no surprise that Pamela passed all four sections of the CFE exam on the first sitting, as she has used her forensic skills in preventing and detecting fraud for over 25 years. Clients who have gained from her expertise are from a wide range of industries, including medical and health care practices and staffing agencies.

Pamela has also applied her forensic accounting abilities in the reconstruction of books and records for fiduciaries, and has frequently prepared court accountings for executors, trustees and guardians. Her unique expertise and experience is reflected in the outstanding success of the U&A forensic team.

Separated Husband’s Will Upheld by Court despite Spouse’s Court Order

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In Estate of Jon den Hollander, an interesting question arose regarding a court order restricting a separated spouse from dissipating marital assets. This order is often established to prevent the deprivation of one’s spouse of equitable distribution. What if the separated husband dies before the divorce is finalized with a will directing his assets to those other than his spouse? Would that be considered, “dissipating marital assets” and therefore be in violation of the court order? [Read more…] about Separated Husband’s Will Upheld by Court despite Spouse’s Court Order

Hiding Money From Your Spouse? It’s Not as Easy as it Used to be

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Troubled couples often try to hide money from each other, whether to spend it on extramarital mischief or keep from sharing it in a divorce. They will often open up secret on-line brokerage accounts or hide cash in a safety deposit box. Whatever the method, the hiding spouse is forewarned:  Electronic discovery has made it much easier to track your covert activity.

There are many ways a spouse can uncover secret financial dealings. A suspicious spouse might go through their partner’s web surfing history and social networks to uncover traces of hidden bank accounts and business deals. Some may even install software that records every keystroke their spouses make. Among the wackier tactics include replacing spouse’s GPS with a nearly identical one, allowing tracking of the vehicle’s location and even pictures of who’s sitting in the front seat. Smartphones, as well, are playing an increasingly large role in discovering hidden assets. Mr. Lewis, a data forensic expert in New York, says he recently worked on a case where the spouse enabled the “find my phone” software on all of her family’s smartphones, and quickly learned of her husband’s frequent trips to an ATM, where he withdrew cash she didn’t know about. [Read more…] about Hiding Money From Your Spouse? It’s Not as Easy as it Used to be