How Might a Forensic Accountant Benefit My Divorce Case?
Many aspects of a divorce can be problematic, especially when it comes to financial issues. One of the primary objectives in a divorce is the division of marital property, which includes all the assets and debts accumulated during a marriage. While an experienced divorce attorney can greatly help with property division, when it comes to complicated financial assets, a forensic accountant can prove invaluable to your team.
Divorce lawyers will often seek the help of forensic accountants when a specialist is needed in a divorce with a particularly complex or troublesome financial situation. A forensic accountant can help reveal essential financial information that could affect spousal support, child support, and the division of assets.
Although individuals involved in high-asset divorces use forensic accountants more commonly, anyone involved in a divorce with complex financial situations can benefit. If, for example, you and your spouse share a business, have varied investments, stock options, or otherwise complex finances, a forensic accountant can help. Even more common financial investments, like retirement funds or insurance policies, might benefit from review by an experienced forensic accountant.
A forensic accountant can help with the following:
- Looking for hidden assets
- Evaluating any inconsistencies
- Determine personal expenses
- Take stock of valuables, including art collections, antiques, collectibles, etc.
- Appraise necessary assets and properties
- Assess the long-term financial impact of various divorce settlements
To thoroughly assess your assets and full financial situation, your forensic accountant will review tax returns, account and credit card statements, property deeds, investments, stocks, and other important documents and records. Any unexplained or outlying behaviors will be recorded, analyzed, and investigated for your benefit.
In contentious divorces, it is important to ensure everything named in your marital property is fairly evaluated before division. If your spouse fails to report certain assets to the court, either on purpose or by mistake, it could significantly alter the way your assets are divided, and how certain divorce settlements are decided. If you have questions regarding complex financial issues that may impact your financial future after divorce, speak with your divorce attorney to consider adding the services of a forensic accountant to your case.
At McKinley Irvin, our firm works with experienced, trustworthy professionals who excel in their field. If your divorce case requires special financial attention, or you worry your spouse might have hidden assets, we are experienced in working with forensic accountants and other financial professionals in preparing your case.Contact McKinley Irvin at our Washington office to discuss your divorce.