A lifestyle analysis is designed to provide specific information and data about income and expenses incurred during the marriage. It shows exactly where the money came from and where it went.
Everything is reviewed: checkbook registers, retirement accounts, personal and business tax returns, business and medical expense reimbursements, mortgage, and loan statements, pay stubs, and both spouses’ credit reports.
Engaging a skilled and knowledgeable professional to prepare a lifestyle analysis can help discover possible hidden assets, unreported income, or incorrectly reported living expenses.
A lifestyle analysis can also be helpful when making a case regarding the need for or ability to pay spousal support – especially in high-net-worth marriages.
A forensic Lifestyle analysis is:
- Prepared by a forensic accountant or someone with that type of credential.
- There’s no time limit on the period that will be covered, but usually, it’s three to five years.
The activity that’s documented ties directly to a bank account, investment, and credit card statements as well as tax returns.
Having complete financial information ready for review by the court will help your attorney to make your case. At Feldmeyer Financial Group, we help you gather and organize your financial data into a format that will help you negotiate or litigate from a position of strength.
If you want help collecting data to support your side of the story, contact our office and request a consultation. During your complimentary initial consultation, we’ll help you get started.
Ben Feldmeyer, CFP®, CDFA®, CLTC® is a Private Wealth Advisor and President of Feldmeyer Financial Group, a private wealth advisory practice of Ameriprise Financial Services, Inc. For more information, please visit the Feldmeyer Financial Group Divorce Magazine online profile.
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