Many people assume that you only need a forensic accountant for divorce when you suspect a spouse of hiding assets. What you may not realize is that forensic accountants provide a variety of benefits that can help with your divorce process.
There are a couple of reasons to retain a forensic accountant when you file for divorce.
Ensure transparency in financial records
For some couples, one party manages the finances and the other handles household upkeep. In those situations, especially when the party managing the finances is the primary income earner, there may be little visibility to household accounts and money management for the other spouse. A forensic accountant can review household financial records and ensure transparency for both spouses.
Appraise marital assets
Before assets get divided, you need to assess their value to ensure equitable division. Sometimes, that is more difficult than it appears, especially with high-value assets, including art collections and jewelry. A forensic accountant assesses the value of assets and provides appraisals that you can use for calculating distribution.
Track spending during the divorce for accountability
When funds remain in the marital bank accounts and joint investment funds, a forensic accountant can monitor the spending and account activity to ensure that neither spouse is unfairly spending from the account.
Forensic accountants provide extensive financial monitoring, management and reporting services for divorcing couples and their bank accounts. If you have concerns about your ex’s spending habits, asset values or financial records, forensic accounting is the best way to address those concerns.