CPAs are engaged in assisting attorneys in alimony and child support negotiations and calculations. They locate and value marital property, provide expert witness testimony, and calculate tax issues related to the division of property and on-going support payments.

CPAs can assist in fact finding, provide financial consulting or be a business advisor to the attorney(s) or parties to the family law action. The Family Law resource section provides important information regarding the divorce process, factors to consider in accepting the engagement, and the division of marital or community property.

CPAs can also find tools and aids with a focus on support, valuation and taxation issues in family law while performing research and gathering critical information.

Performing a valuation engagement with professional competence involves special knowledge and skill. Statement on Standards for Valuation Services No.1 states that a valuation professional should consider, at a minimum, the scope of the valuation engagement, including applicable standard of value (for example, fair value or fair market value), and the applicable premise of value (for example, going concern) when completing a valuation engagement.

The primary purpose of this quick reference guide is to provide an overview of the relevant premises and standards of value used in valuations, and to assist the valuation professional with understanding those differences.