Family Law Issues.

• Author: Pugliese, Anthony
• Position: InMyOpinion

In my Opinion the range of legal, tax, financial and valuation issues related to separation and divorce--or family law as CalCPA refers to this area of practice--is only going to get wider and more complex. But CPAs can seize opportunities within all of this complexity.

In this digital age, we are not limited to assets of a material nature, such as real estate, family businesses, investment portfolios, art collections, pets and cars; we need to consider those less tangible assets in the digital world--photo collections on Instagram and Facebook; digital or streaming music collections; blog postings; cryptocurrencies; completely online service businesses; virtual credit cards like the new Apple Card; and digital-only bank accounts, to name few.

These assets may raise ownership, valuation, tax, estate planning and other issues in cases of separation and divorce when they need to be divided or sold.

In a society that recognizes identities or genders in addition to male and female, other issues and considerations may arise that add complexity to the range of legal, tax and financial issues associated with separation or divorce. This could include identification and ownership, transfer of IP rights, valuations, insurance and other matters.

For example, if gender identified at birth differs from gender in adulthood, there art-steps that need to be taken to ensure related legal, tax and financial matters (such as ownership) are managed effectively.

With an increasing number of LGBTQ. marriages and a broadening of what we have come to know as the "modern family," additional family law considerations may also need to be considered--or reconsidered--such as division of digital and real-world assets, child support/alimony and affording LGBTQ individuals the same protections under the law.

Collectively, this swirling mass if complexities may seem overwhelming to some, and significant opportunity for others in our profession. In my opinion, I see the glass as half full of potential for CPAs who specialize in serving customer segments dealing with these issues. I also think this is an area that some of our members may wish to get into because of the potential that exists.

For CPAs, attorneys, valuation and forensic experts, estate planners, investment managers and related professionals, the new complexities raise issues that need greater clarity. Regulation, case law, standards and best practices will need to define how these matters should be handled...