What does a forensic accountant do in divorce proceedings?
Divorce can be an emotionally exhausting experience to go through, and as such, it’s important that the process is carried out as smoothly as possible. A forensic accounting divorce specialist or financial expert can help reveal essential information that can support a case and facilitate the divorce proceedings.
You need an expert well-versed in both areas: getting the best result for you within a divorce proceeding and making sure that result benefits you financially. This is where a forensic accountant comes in. If you think we can help you, please discuss this with your lawyer in the first instance and ask them to contact us.
Read on to learn more about the use of a forensic accountant in divorce and how Alexander’s team of experienced accountants can assist your lawyer during the separation process. Forensic accounting is an area that has developed to impressive heights in the last decade or so, and a divorce case is just one form of legal procedure that it can assist in.
What is a forensic accountant?
The main role of a forensic accountant is to investigate financial discrepancies and inaccuracies, and scrupulously review both personal and business finances. Their findings will then be reported to court. These skills can come in handy in divorce proceedings as they can be used to reveal unknown financial assets and income early on.
Finances can cause significant complications during the divorce process, as both parties may not necessarily agree on how to divide money and assets. If you and your spouse have a complicated portfolio of financial assets, a seemingly simple separation can quickly become lengthy and taxing. However, with the help of a forensic accountant, you will benefit from added insight from a professional, and you could gain valuable information that could help you reach a better settlement.
The role of a forensic accountant in divorce proceedings
Forensic accountants in divorce can often make or break a case. There are several reasons why your lawyer may choose to enlist the help of a forensic accountant, however, what does a forensic accountant do in divorce proceedings?
Below are a few of the key ways that forensic accounting is used for divorce settlements:
To provide financial disclosure
Forensic accountants can carry out asset tracing in order to achieve full financial disclosure. This means that details of your income, assets and liabilities are kept safe.
To determine the correct child support income
When your legal team is working with a forensic accountant in your divorce case, child support is something that they can seek help with. A forensic accountant is able to determine the amount that your ex-partner could realistically pay to support your child.
To perform a business valuation
Forensic accountants can also undertake business valuations to help determine a spouse’s true income. They can analyse in detail the business assets and financial information that may typically be overlooked to give a more accurate picture of the other party’s finances and income.
To assist your lawyer in finding information
Lawyers have a range of tools that can help them gather information to support your case. However, your financial accountant can take an in-depth look at areas that your lawyer cannot, thus providing invaluable calculations that can help facilitate the divorce process.
Other areas a forensic accountant can help with
Forensic accountants are also helpful in a number of other areas, such as corporate work, litigation, loss of profit claims and proceeds of crime:
Forensic accounting uses investigative techniques to uncover fraud, embezzlement and other financial crimes within a business.
Forensic accountants are able to find things that are often overlooked in a standard financial review. This could be crucial information that could help with your case.
Loss of profit claims
Forensic accountants can conduct calculations to estimate how the business would have performed had there been no incident.
Proceeds of crime
Enlisting the help of a forensic accountant allows a fair and balanced approach to calculating the recoverable total of assets gained through criminal activity.
Alexander and Co Forensic Accountants
Divorce can quickly become a lengthy and confusing process when there are complicated assets and finances involved. Enlisting the assistance of Alexander & Co’s team of forensic accountants and financial experts can help make your separation as smooth as possible.
If you believe a forensic accountant can assist with your divorce proceedings, ask your lawyer to contact us online today or call us on 0161 832 4841. Our team of forensic accountants can liaise with your lawyer for the best possible outcome from your divorce proceedings.
We offer the highest quality service regarding forensic accounting in divorce. London, Manchester and the rest of the UK are covered by our team, so we can assist you no matter your location.
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