Divorcing the person you thought you would spend the remainder of your life with is often very emotional. However, setting aside the emotional aspect, divorce is primarily about dividing up assets and debts. Before the two of you officially go your separate ways, you will need to figure out who is going to keep what and how you plan to handle any outstanding debts you or your former partner currently face.
For some couples, such as those whose marriages were relatively short, or those who kept their finances largely separate from their partners, asset division can prove relatively simple. Other couples will find the process far more difficult. In such scenarios, many divorcing parties are adding forensic accountants to their divorce teams to help them navigate complicated financial issues.
When to get a forensic accountant
Just how might a forensic accountant help you divide assets and debts amid divorce? For starters, a forensic accountant can come in handy if you or your spouse have especially complex financial portfolios you do not know how to divide. In some cases, you or your former partner may have assets of undetermined value, such as business interests, real estate or pricey artwork. A forensic accountant may be able to help you appraise such assets so that you can, in turn, divide them accordingly between you.
You may, too, find it advantageous to hire this type of accounting professional if you are concerned your former partner is hiding information about assets or income. In some divorce cases, such as those that become particularly acrimonious, spouses may intentionally withhold information about earnings to delay the process or frustrate their partners. A forensic accountant may be able to help you resolve financial matters and determine whether your former partner is being truthful and upfront with you throughout the process of asset division.
Improve the outcome
Chances are, you want to do everything in your power to improve the likelihood that you will receive everything you have claim to during your divorce. A forensic accountant can help you make sure you are covering all your bases and ultimately receiving your fair share.