Divorce happens to 22 million people each year. Due to the financial complexity of many divorces, more and more financial service professionals are being asked to play an important and active role helping individuals and their attorneys sort through the financial issues related to divorce.
At Piccerelli, Gilstein & Co., LLP, two Firm principals, Laura DaFonseca and Donna Slater, are the first certified public accountants in Rhode Island to have the Certified Divorce Financial Analyst (CDFA) designation. As CDFAs, they are trained to evaluate the tax implications of dividing property and the financial impact of various settlement options for dividing marital property (including pensions) and child and spousal support payments. They help determine the short and long-term financial impact of a proposed divorce settlement to ensure that it works now and in the future, and examine and analyze the financial issues of a divorce, providing clients – and their attorneys – with data to help strengthen their case.
By developing comprehensive insight into the short and long-term financial effects of divorce early in the legal proceedings, P&G’s CDFA Team can provide accurate and complete financial information to our client and attorney – allowing the attorney to focus on the legal aspects of the case.
What is a CERTIFIED DIVORCE FINANCIAL ANALYST?
CDFAs have completed special training in the financial aspects of divorce. Our CDFA Team examines the financial issues of a divorce and provides our client and their attorney with powerful data to support the case. This is done through:
- determining the short and long-term financial impact of a proposed divorce settlement using powerful proprietary software
- offering valuable insight into the pros and cons of different financial settlement proposals
- creating personalized reports and graphs illustrating the financial status, cash flow and net worth of both parties.
Who Can Benefit from a CERTIFIED DIVORCE FINANCIAL ANALYST?
In theory, all individuals going through the divorce process can benefit from financial counseling and advice. A CDFA can:
- calculate the realistic revenues of a cash business and analyze the reported expenses to arrive at a re-stated net income
- reconstruct a family’s true income based on IRS guidelines
- understand Non-retirement investment accounts including mutual funds, brokerage accounts, annuities, cash-value life insurance, certificates of deposit, and stocks or bonds
- assess retirement accounts.
P&G’s CDFAs, Fraud Investigators and Business Valuation Analysts:
- Laura DaFonseca, CPA, CFE, CFF, CDFA
- Frank DeLuca, CPA, MST, CFE, PFS
- John Mathias, CPA, CVA, MST, ABV
- Kevin Papa, CPA, MST, CVA, ABV
- William Piccerelli, CPA, CVA, ABV
- Donna Slater, CPA, CDFA
Piccerelli Gilstein and Co., LLP is proud to be of service to the RI Legal Community in providing expert assistance in CDFA, Fraud Investigation and Prevention, and Business Valuation. To find out more information about these services – and the many other services we offer, please contact Mike Tikoian or 401-831-0200.