Accountants

If the issues that you require to settle with your spouse as part of the Collaborative process involve a family business, a company in which you or your spouse have a minority interest or even a minority or controlling interest in a listed company, it is likely that you will require an accountant to assist you and your Solicitors in coming to an agreement on how to deal with these interests.

It can also be necessary to involve accountants when:

Deferred equity interests (including Restricted Stock Units, Options and L-TIP's feature;
A complex web or webs of entities, including trusts, hold your or your spouse's assets; or
There are likely to be Income Tax, Capital Gains Tax or Inheritance Tax consequences now or in the future.

The nature of the Collaborative process enables accountants to be an active participant in you and your spouse arriving at an agreement. An accountant can suggest creative and commercially sensible ideas and solutions to deal with your and your spouse's assets. This is particularly desirable when a privately held business is involved, or the assets involved have limited liquidity.

This active participation and the ability of an accountant to make suggestions of commercially sensible solutions are something that does not very often occur in a Court based situation.

Your Solicitors will be able to suggest when and if they recommend an accountant should become involved. Whilst you might be tempted to use your existing accountant or auditor this is not necessarily desirable. Retaining an accountant with which you or your spouse has no history establishes an independent and fresh approach.

Accountants would, on invitation, attend four-way meetings with yourself, your spouse and your Solicitors. This also provides opportunity to ask questions, ensure you understand the issues involved, and for the accountant to further articulate his or her views and solutions.

Resolution is offering specific training in the Collaborative process for Accountants from November 2008.