A forensic accountant can come in handy in a variety of scenarios, however, one of the areas they are more commonly used in is divorce settlements. The financial side of divorce can make proceedings long-winded and stressful, but with the help of divorce accounting, the separation process can become a whole lot simpler.
Not all divorces require the expertise of a forensic accountant. Your lawyer may suggest one if your situation is particularly complicated, or if they need help gathering evidence for your settlement. Read on to discover more reasons why your lawyer may suggest a forensic accountant.
1. Your family has complicated assets that need valuing
Your lawyer will likely suggest a forensic accountant if there are complicated assets involved in the settlement. If you have a family business with significant assets or you own stocks and shares, it can be difficult to determine the true value of these assets without the help of a divorce forensic accountant.
Although the court ultimately decides how to divide assets in a divorce, the information collected by your forensic accountant can help to provide a more accurate picture of your family’s finances and help you to achieve a fairer settlement.
2. Your lawyer suspects that your partner may be hiding assets
If your lawyer suspects any financial wrongdoing, they’ll suggest that a forensic accountant should get involved. A forensic accountant can take a detailed look at your partner’s bank accounts and payments to see if they’re hiding assets or income.
3. They need help gathering information
Lawyers have a range of tools at their disposal which can help them access the information they need to support your case. Despite this, their expertise only stretches so far, so they may suggest that a forensic accountant is enlisted to help gather more important financial details that could come in useful during divorce proceedings.
4. To use as an expert witness
Your lawyer may also need a forensic accountant to use as an expert witness when your divorce goes to court. They can help to determine the true value of your partner’s businesses and financial assets so that the court can make an informed decision on the value of the settlement.
5. To make the process simpler
Enlisting the help of the professionals can provide an outside viewpoint, as well as vital information that could make the divorce process simpler. To reduce the emotional impact and stress on the parties involved in your divorce, your lawyer may ask if you want to enlist the help of a forensic accountant, as this can help to speed up the process.
Learn more about divorce forensic accounting
If you want to learn more about how divorce forensic accounting could help with your separation, be sure to contact one of our advisers who can offer their expertise.
The financial formalities and tax implications of divorce are probably the last things you’ll want to be thinking about during your separation process. Get in touch with Alexander and Co’s expert accountants and let us relieve some of the burdens that come with divorce.