Ordway Law Group, LLC
Ordway Law Group, LLC
Divorce & Family Law

3 divorce situations that often require a forensic accountant

| Oct 30, 2019 | Uncategorized |

Going through a divorce is often stressful. Fortunately, if you and your spouse have substantial marital assets, you are apt to have a successful financial future through a fair division of property.

In Georgia, judges assume both partners have an equitable interest in marital property. When preparing for the end of your marriage, you may want to add a few different professionals to your divorce team to ensure you receive what is rightfully yours. If any of the following situations apply to you, you probably want to have a forensic accountant on your side. 

1. Your spouse owns a business 

If your partner started a business venture during your marriage, there is a good chance it is marital property. Nonetheless, if you are not involved in the company, you may not know much about its income, assets or debts. A forensic accountant can likely analyze the business to determine its value. He or she can probably also tell you how much your spouse actually earns from the enterprise. 

2. You have significant marital wealth 

If you have significant marital wealth, you may have a hard time accounting for all of it. Further complicating matters, you or your spouse may have separate property, investments or other assets. A forensic accountant can help you determine who owns what. He or she may also be able to give you a realistic valuation of hard-to-value assets, such as cryptocurrency, artwork, animals or collections. 

3. Your spouse is hiding assets 

Hiding assets during divorce proceedings is a big mistake. If a judge uncovers the deception, he or she may award a disproportionate share of marital wealth to the honest spouse. Furthermore, hiding assets may entail criminal conduct, such as fraud, forgery or perjury. Still, finding hidden assets can be challenging, especially if your spouse manages marital finances. A forensic accountant likely has the skill set to do the job for you. 

Clearly, hiring a forensic accountant makes sense for divorces that involve significant assets. If you have any question about your marital finances, adding this professional to your team may be the best way to receive your fair share of marital wealth.

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