Going through a divorce is a difficult time for most people, but it can be especially trying for those who have a significant asset portfolio. In a high-asset divorce, your financial future is at stake. If your divorce does not go the way you need it to, you could face a notable drop in your standard of living from an economic standpoint.
You should not underestimate the importance of your financial matters in a divorce involving the division of property and various assets, such as retirement accounts or a business. Some divorces are so complex that they require the help of professionals in addition to your family law attorney.
What is a forensic accountant?
A forensic accountant is a type of accountant who handles financial matters that relate to civil litigation and testifies as an expert witness in court. Forensic accountants can help in litigation support and investigation. One example where this type of professional assistance is useful is when your spouse tries to hide assets in your divorce.
What cases do forensic accountants work with?
As mentioned above, high-asset divorces sometimes involve a spouse who hides assets to try to avoid having the assets divided during the divorce. Forensic accountants use their specialized training to uncover hidden assets. They examine common places spouses try to conceal income and property, such as bank and credit account statements, tax returns, business valuations, and custodial accounts opened in your child's name. These are just a few examples of where a spouse may try to hide assets. If a spouse underreports income or postpones a pay raise or bonus while awaiting the finalization of divorce, these are also examples of attempts to hide assets from the proper division during the divorce.
You should not let your spouse get away with hiding assets during your divorce, because your financial future depends on a fair and equitable settlement. If you suspect your spouse may be concealing income or assets, you should tell your family law attorney and ask about the possibility of involving a forensic accountant in your case.