People preparing for divorce generally recognize that they need support. They hire lawyers to represent them during the negotiations or to advocate for them in family court. In some cases, they may work with specialized professionals to help with asset valuation. A real estate agent or appraiser, for example, can help establish a realistic fair market value for the marital home and other real estate holdings.
The more assets spouses have accumulated during the marriage, the harder it can be to take stock of the marital estate. There may be many sources of income and a variety of different types of property to address.
People preparing for divorce may also need to bring in a financial specialist. Particularly in divorces involving complex marital estates or an elevated risk of financial misconduct, a forensic accountant could be a key addition to the team supporting a spouse during divorce.
What does a forensic account do?
Forensic accountants are financial professionals who have training to help them track income and assets. They review financial records carefully to search for clues and provide insight into complex financial situations. Those with higher marital income and diversified investments may be particularly vulnerable to financial misconduct. Forensic accountants can help them make sense of the situation.
They can help people affirm whether a spouse may have diverted funds from a marital account to hide them or used marital income to conduct an extramarital repair. Forensic accountants can help locate hidden assets, gather proof of financial dissipation or assist with a thorough analysis of potentially inaccurate financial records.
Forensic accountants can find discrepancies in financial disclosures made as part of the discovery process. If they identify hidden assets or outside of financial misconduct, the spouse preparing for divorce can use the information they provide to secure a fair outcome during property division proceedings
At the bare minimum, those who can prove that a spouse hid or undervalued assets can correct those omissions. In some cases, it may even be possible to hold a spouse accountable for attempts at financial misconduct in divorce court.
Getting the right support can help people protect themselves from unfair financial outcomes in their divorce proceedings. Forensic accountants can help people validate their financial concerns and push for appropriate property division terms. Legal assistance can also prove invaluable to those facing complex divorces as well.
