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Using a forensic accountant in a divorce

On Behalf of | Mar 4, 2019 | Divorce |

Ending a marriage is trying time. It is difficult, emotional and challenging. A spouse is likely devastated that the marriage has failed, and now they are bombarded with all the divorce issues that must be sorted out and resolved. It can take much time and effort to reach a final resolution, making it imperative to understand the process and how best to move through it. This could require the usage of experts, as these professionals could provide input and assistance with obtaining a fair divorce settlement agreement.

The usage of financial experts could be extremely beneficial for some divorcing spouses. While some divorces are straightforward when it comes to splitting property and assets, others are more complex. In order to address these complexities, a forensic accountant could help with many calculations throughout the process.

Forensic accounting can help establish what money is assessed for alimony and child support payments. It can also establish what is considered marital property and what is not. It can also determine liabilities and discover hidden assets. When it comes to obtaining a clear financial picture, especially in a high asset dissolution, a forensic accountant can discover what assets are included in a divorce, even when a spouse has gone through the effort of hiding funds in another country or under the name of another person.

Even in matters where assets are not hidden and there is no unknown income, a forensic accountant can help find inconsistencies. This can help any errors made when collecting financial information. These experts can even help make sense of everything for a spouse. Divorce can get emotional, high conflict and confusing. One should understand how the potential agreements could impact them in the long run. This is especially true in cases where a spouse owns a business.

There are many working parts in a divorce, and it is important that divorcing spouses understand how to work through the process the best that they can. Arriving at a fair settlement is ideal; however, the way one gets there can look different from one couple to the next. Thus, hiring a financial expert may be beneficial.