The Role of Forensic Accounting in Your Divorce
Many issues during divorce proceedings may arise, especially in regard to finances. One of the major topics of divorce is property division, which includes all the assets and debts accumulated during the course of a marriage.
Although an experienced divorce attorney can off professional help with the division of marital property, when it comes to complex financial assets (i.e. high-asset divorce), a forensic accountant can greatly benefit your case. Divorce lawyers will typically obtain the professional assistance of forensic accountants when a specialist is required in a divorce with a particularly complicated or troublesome financial situation. A forensic accountant can help reveal important financial information which could have an impact on alimony, child support, and the division of assets and properties.
While those involved in high-asset divorces commonly use forensic accountants, in fact, anyone involved in a divorce that requires meticulous attention to finances can take advantage of one. For example, if you and your spouse share a business, have varied investments, stock options, retirement funds, insurance policies, or otherwise intricate finances, a forensic accountant can offer a helping hand.
A forensic accountant can assist with the following:
- Searching for any hidden assets
- Determining any inconsistencies in finances
- Separate personal expenses from marital expenses
- Appraise necessary assets and properties
- Take stock of valuables, such as collectibles, artwork, and antiques, etc.
- Evaluating the long-term financial impact of various divorce settlements
When conducting a thorough assessment of your finances, the forensic accountant will review bank account and credit card statements, tax returns, investments, stocks, property deeds, and other important documents and records. Any irregular and unexplained behaviors will be recorded, evaluated, and investigated for your benefit.
In divorces that are hotly contested, it is imperative to make sure everything considered marital property is fairly assessed prior to division. If the other party fails to report specific assets to the court, either by mistake or on purpose, it could substantially change the way your assets are divided, and how certain divorce settlements are determined.
If you have any questions in regard to complicated financial problems which may affect your post-divorce future, speak with our New Port Richey divorce attorney at Dale L. Bernstein, Chartered Law Office. With more than three decades of experienced, he has helped navigate many clients through the complex legal system.
For more information, contact us and schedule an appointment today.