One of the most challenging aspects of divorce is determining “who gets what” when it comes to dividing assets and property. In order to make this process as efficient and fair as possible, when necessary I recommend that my clients consider working with a forensic accountant.
What is Forensic Accounting?
Forensic accounting is a specialized area of accounting that specifically deals with actual or anticipated disputes or litigation. Forensic accountants are experts at organizing and analyzing financial information related to divorce and presenting it in a way that is easy for both parties, their attorneys, and the court to understand.
The Role of Forensic Accountants in Divorce
A forensic accountant can help a couple organize their financial information so that both parties have a clear understanding of what assets need to be divided. They can also help determine the percentage of ownership for each spouse in specific assets, such as a retirement account or a jointly-owned business.
In addition, forensic accountants are often used to uncover any hidden assets that one or both spouses may be attempting to keep hidden during the divorce process. They are experts at analyzing personal and business financial records to detect any suspicious activity, such as payroll padding, under-reported income, or the purchase of expensive items with secreted cash.
Why Work with a Forensic Accountant?
If you and your spouse have a particularly complex financial situation, or if you suspect that your spouse may be hiding assets, working with a forensic accountant can be incredibly helpful in speeding up the divorce process. They can provide valuable insight and organization to your financial information and can help ensure that the property division process is as fair and efficient as possible.
We look forward to assisting you with your divorce and property division. Feel free to Schedule a consultation so we can discuss it with you.