Anyone who is considering a high asset divorce can benefit from the use of a forensic accountant. In these divorces the financial stakes are high, and the division of wealth requires meticulous attention to detail. These financial detectives can help to better ensure a fair and equitable distribution of assets by uncovering hidden wealth, accurately valuing properties, and providing expert testimony.
When should I consider hiring a forensic accountant?
Aside from simply having wealth, the need for a forensic accountant is especially important when:
- There is suspicion of hidden assets or income.
- The couple owns complex financial portfolios, including businesses, investments, or international assets.
- One spouse has exclusive control over financial information.
Forensic accountants bring clarity to these situations by analyzing financial records, identifying discrepancies, and tracing hidden assets.
How do forensic accountants uncover hidden assets?
One of the primary roles of a forensic accountant in a high asset divorce is to uncover hidden assets. This process involves carefully reviewing tax returns, bank statements, and financial disclosures for inconsistencies. It can also include tracing transfers of funds to offshore accounts or undisclosed investments. This professional may review lifestyle and spending patterns to help further identify unreported income.
Why do I need an accountant to accurately value our properties?
It is important to assessing the value of businesses, real estate, and personal property as well as the worth of stocks, bonds, and other investments to help better ensure you get your fair share. Forensic accountants can provide the expertise needed to determine the true value of complex financial holdings, reducing the risk one party to the divorce gets shortchanged.
In high asset divorces, the expertise of a forensic accountant can make a significant difference. By uncovering hidden assets and accurately valuing properties, these professionals help better ensure a fair division of assets. They can provide much needed transparency in a process that can often be fraught with uncertainty. For those facing a high asset divorce, engaging a forensic accountant can be a wise decision to protect one’s financial interests.
