Divorce is a complex and emotional process. The joining of two lives that took years must be undone in a short amount of time. If a house or any other real property is owned by the couple, the property must be disposed of through a sale or deed to one of the parties. Household items must be divided up and moved to new homes. Accounts must be split, mail must be forwarded and tangible assets must be divided evenly. Interested parties must be notified of the former spouses' new addresses. Any children must be provided for and custody and child support arrangements must be made. The list of tasks seems never-ending. Everyone is aware that a divorce lawyer is a must, but most people never think to hire a forensic accountant to assist during a divorce.
Assets
If you and your soon-to-be-former spouse have a lot of assets that must be divided between the two of you, you could most likely benefit from the services of a forensic accountant. Your accountant can dig into the financial records of you and your spouse and uncover assets that one party may have attempted to conceal, as well as assets that were just forgotten. This will ensure both spouses get a fair and equitable settlement at the time of divorce.
Family Business
If you and your spouse own a business together, a forensic accountant can be a huge advocate to sort out business issues and keep you out of trouble. Many times, depending on financial circumstances, assets of a family business may be used to pay personal expenses. There is generally no malice involved and the individual may have every intention of putting the money back. Then the divorce happens and it may not be possible to replace the funds. This can open both spouses up to charges of tax fraud. A forensic accountant can go over the financial records of the business and help you avoid any legal problems.
Not-So-Amicable Divorce
If you are going through a very contentious divorce, you may be concerned that your partner is concealing assets and income from you (and the court). A forensic accountant will dig deep into financial records and uncover all assets and income to ensure a fair and equitable distribution between both spouses (and any children resulting from the marriage).
A forensic accountant can be a huge help during any divorce, but especially so if the divorce is contentious or a lot of assets are being divided. If you are dealing with a divorce, talk to your attorney to determine if you could benefit from the services of a forensic accountant, or make an appointment with an accountant that deals with this type of work to determine if you could benefit from their services. To learn more, contact a company like Epps Forensic Consulting PLLC.
Share