A huge part of the divorce process is dividing your financial assets between you and your spouse, which is where a forensic accountant comes in. Forensic accountants can help you assess your marital properties, identify hidden assets, and provide expert testimony when necessary. Whether you have a complex situation regarding your properties, have numerous wealthy funds and assets, or you believe the finances in your divorce to be straightforward, an accountant can help.
When you begin your divorce, each of you must fill out documents claiming the full amount of your assets, including properties you have shared in your marriage and those you own individually. Unfortunately, it isn’t terribly uncommon for one spouse to lie about their assets, whether they intended to do so or not. In such a situation, it is vital to understand the full scope of your spouse’s financial information in order to ensure your property is divided in a just and right manner and any spousal maintenance or child support decisions are correctly calculated .
In order to locate hidden assets, a forensic accountant will review your income tax returns, account statements, credit card statements, property deeds, and any other accessible documents pertaining to you or your spouse. An accountant would look for any suspicions transfers or cash with drawls made in an attempt to conceal assets for their own financial gain. Even if you do not have access to documents or statements, a forensic accountant may be able to find documents through public record or other means.
A forensic accountant will also review your assets to evaluate your current finances and how child support or alimony payments may factor into your situation. The accountant can they advise you towards fair settlement options or other divorce decisions as they pertain to your finances.
To learn more about other expert resources that could help your divorce case, contact Phillip M. Herr, Attorney at Law.