Page 8 - Family Law Services
P. 8
Determining Conflicts of Interest ..................................................................................................................... 24
The Engagement Letter: Documenting the CPA's Role ............................................................................... 24
Budgeting and Billing for the Engagement .................................................................................................. 25
Obtaining the Necessary Documents ............................................................................................................ 25
Chapter 4 — Engagement Process ........................................................................................................................ 27
Identification of Assets, Liabilities, and Family Income .................................................................................. 27
Tax Returns ................................................................................................................................................... 28
Bank and Brokerage Statements ................................................................................................................... 28
Lender Financial Statements ......................................................................................................................... 28
Insurance Policies ......................................................................................................................................... 28
Free Internet Services ................................................................................................................................... 28
Online Asset Search Firms ............................................................................................................................ 29
Determination of the Nature or Character of Assets and Liabilities ................................................................. 29
Valuation and Quantification of the Assets, Liabilities, and Income ............................................................... 29
Division or Distribution of Assets, Liabilities, and Income ............................................................................. 30
Property Division .......................................................................................................................................... 30
Liquidity ........................................................................................................................................................ 30
Taxability ...................................................................................................................................................... 31
Risk Assessment ........................................................................................................................................... 31
Chapter 5 — Marital Property .............................................................................................................................. 32
Scope of the Tracing Engagement .................................................................................................................... 32
Defining the Tracing Services to Be Provided ............................................................................................. 32
Business Interests and Income .......................................................................................................................... 33
Tracing Ownership of Pass-Through Entities ............................................................................................... 33
Tracing Ownership of Closely Held C Corporations .................................................................................... 34
Tracing Income of Nonowner Employees and Executives ........................................................................... 34
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