If you are facing divorce in a situation where there is a significant net worth, you simply cannot take any chances when it comes to finances. Especially in contentious divorces, finances often play the most critical role in the divorce process and can also become a source of great conflict.
One common issue that arises in high-asset divorces, one that is especially relevant for the spouse who earns less money, is that of hidden assets. The higher net worth spouse may try to shield his or her wealth and assets in the divorce process to avoid sharing. Hiding assets is not legal and cannot be tolerated. However, it can be quite difficult to track down the assets and bring them to light, especially when tactics for hiding assets can be complex and, by definition, hidden.
Why you need a forensic accountant
A forensic accountant is an important member of your legal team if you are facing a high-asset divorce. Forensic means suitable for use in court. Such accountants are specialized in ensuring that financial matters in a divorce are transparent. These professionals know how to locate hidden assets and bring them to light so that you are not cheated in the divorce process.
How forensic accounting helps your legal team
The best high-asset divorce attorneys work with trusted forensic accountants to assist their clients. That is because attorneys who work with high-asset divorce clients know that hidden assets are often an issue, and solving the problem requires a trained specialist who knows how to handle these specific matters.
As a high-net-worth individual facing a divorce, you need discretion as well as highly-skilled professionals. Forensic accountants who work with divorce attorneys understand this delicate balance and are able to provide professional accounting services that deliver results in and out of court.
If you suspect your spouse may be hiding assets in the divorce process, ask your attorney whether your case requires the services of a forensic accountant. A qualified divorce attorney who works with high-asset divorces will be able to provide you with skilled professionals to assist you in all the particulars of your case.