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Should you work with a forensic accountant during your divorce?

On Behalf of | Jun 23, 2021 | divorce

If you are going through a divorce, one of the things that you need to be cautious about is not reporting all of your assets. If you fail to disclose all of your assets and they’re later discovered, your spouse could accuse you of hiding assets.  

The last thing you want is to look like you’ve tried to hide assets, because in court, a judge may rule in a way that gives your spouse more of your shared marital assets if they believe that you intentionally tried to keep those assets for yourself. In divorce, all of your marital assets must be disclosed.  

Dividing your assets isn’t always going to be the easiest thing to do, but you may be able to minimize the risk of missing an asset that you’ve forgotten about or weren’t considering by working with a forensic accountant.  

What is a forensic accountant? 

forensic accountant is an accounting specialist who is able to look at your financial documents, such as taxes and bank accounts, to figure out where money is going and how it is being spent. Forensic accountants can speak on your behalf in court, which is what sets them apart from some other experts.  

The benefit of working with a forensic accountant is that they can go through your finances, as well as your spouse’s, with a fine-tooth comb. They’ll see how much income each of you has, compare debts and look for assets that may not have been disclosed.  

They can help you figure out if your spouse is hiding assets, and they can help you make sure that you do disclose every asset that you’re aware of.  

A forensic accountant is also a good person to have on your team if you need to find the value of a business or to get support during litigation. They have a good understanding of finances, which may benefit you if you have questions about certain pieces of property and their values. 

Before you move forward with your divorce, make sure you know your legal rights and the people who can help. You want to be sure to protect yourself during this major life change.