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 divorce accountant/financial expert can help to reveal essential information that can support your case and facilitate the divorce proceedings. You need an expert well-versed in both areas, that is, 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.
Read on to learn more about the use of a forensic accountant in divorce and how Alexander’s team of experienced accountants can help you 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. These skills can come in handy in divorce proceedings as they can be used to reveal hidden 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 which could help you to uncover any hidden finances and reach a better settlement.
The role of a forensic accountant in divorce proceedings
When it comes to your divorce, forensic accountants can often make or break a case. There are a number of reasons why you may choose to enlist the help of a forensic accountant, however, what does a forensic accountant actually do in divorce proceedings?
Below are a few of the key ways that forensic accounting is used for divorce settlements:
To look for hidden assets and hidden income
If you suspect your spouse is guilty of hiding assets, income or even property, a forensic accountant can help you to determine whether your suspicions are correct.
Accountants can look at the other party’s bank accounts and payments to find clues to suggest that there are assets or finances that have not yet been revealed during the divorce process.
To determine the correct child support income
When you’re working with a forensic accountant, child support is something that you can seek their help with. A forensic accountant is able to determine the amount which your ex-partner could realistically pay to support your child.
To perform a business valuation
Forensic accountants can also perform a business valuation to help to 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 to gather information to support your case, including subpoenas, depositions and discovery requests. However, your financial accountant can take an in-depth look at areas that your lawyer cannot, thus providing invaluable information that can help to facilitate the divorce process.
Alexander and Co Forensic Accountants
Divorce can quickly become a lengthy and confusing process where there are complicated assets and finances involved. Enlisting the assistance of Alexander’s team of forensic accountants and financial experts can help to make your separation as smooth as possible. Get in touch with a member of our team today for more information about our forensic accounting services.