Interview with Kim Ford of theKFORDgroup

What is your background?

I have been an accountant for almost 40 years. I grew up in West Texas and attended Texas Tech. I have been working in CPA firms since high school, with my ultimate goal always being to become a partner in a CPA firm.

How were you first introduced to forensic accounting?

I first encountered forensic accounting in the mid-1980s when our firm discovered a bookkeeper was embezzling funds from a client of ours. This experience led our firm to integrate forensic accounting into our practice. Over the past 20 years, I have concentrated on forensic accounting as well as our tax practice. My partner, Jennifer Edwards, leads the forensic accounting department at our firm, and we collaborate closely on cases. Given our small team, we all take on multiple roles and work together efficiently.

When should you hire a forensic accountant?

In some instances, we are engaged before a lawyer is even consulted, particularly when one party suspects financial discrepancies. Our role is to provide a comprehensive understanding of the financial situation, clarifying uncertainties for those without a financial background. We ensure all assets in the estate are accounted for and accurately valued. One of our primary objectives is to help clients understand the assets they need to maintain their lifestyle post-divorce.

Is a forensic accountant only used for high asset value cases?

Not at all. While high-value estates certainly benefit from forensic accounting, smaller estates can also see significant advantages. Sometimes, even a brief consultation can greatly improve the outcome of a case. Forensic accounting is essential for ensuring accuracy and fairness, regardless of the estate’s size.

How can a forensic accountant benefit both parties during a divorce process?

Forensic accountants can be involved at various stages of the divorce process, including mid-process for business evaluations or asset tracing. Our objective presentation of facts and figures can inadvertently benefit both parties by providing a clear financial picture. This transparency facilitates informed decision-making and often leads to more equitable resolutions.

How can a forensic accountant help paint an accurate financial picture?

Our primary goal is to present an accurate and comprehensive financial picture. Informed clients are empowered to make better decisions. We assist in strategic planning and ensure the divorce process proceeds smoothly, particularly during mediation. We support clients as they transition from married life to single life, ensuring they understand and manage their financial responsibilities effectively.

Should a business owner hire a forensic accountant during a divorce?

Absolutely. Business owners should consider hiring a forensic accountant for business valuation services, as a business often represents a significant portion of the marital estate. If there are concerns about financial management in a joint business, a forensic accountant can provide clarity and ensure fair assessment of assets.

How can a forensic accountant help in determining child support, dividing assets, etc.?

In determining child support, we analyze true income and compare it against standard guidelines to ensure fair calculations. Asset division requires recognizing that not all assets are equal. Different types of assets, such as businesses, rental properties, retirement accounts, and real estate, have varying implications and values. For example, retirement accounts may have tax liabilities, businesses need operating capital, and properties require ongoing maintenance. We assign accurate values to all assets to ensure a fair and balanced division.

During mediation, we support our clients throughout the process, helping to maintain a level-headed approach during what is often a challenging time. Our presence on this very difficult day ensures the process remains as smooth and equitable as possible.

To learn more about Kim Ford and theKFORDgroup, visit their website here: https://thekfordgroup.com/