Financial issues are often the most contentious when a divorce occurs. That’s why many people work with forensic accountants when it comes to things like alimony payments and asset division. These professionals support your legal team by providing scientifically-driven information regarding a person’s financial standing. The American Bar Association explains more about these processes and how they can help you.
When it comes to divorce, things are not always as they seem. For instance, many spouses attempt to hide assets in order to reduce their financial obligation. While this process is both unethical and illegal, it can sometimes be difficult to find hidden assets. A forensic accountant will utilize trusted methods and techniques to uncover hidden information and provide an accurate reporting of marital property.
For the best results, divorcing couples should involve forensic accounting practices as early as possible. The sooner hidden assets are discovered, the better it is for the spouse left in the dark. Also, keep in mind that your accountant may need to pore over numerous documents to make any determinations, and this process could take longer than expected in some cases. Because they provide a factual basis for your claims during a divorce, their service can help you achieve a more positive outcome from a financial perspective.
However, forensic accountants are not able to make any legal determinations, as these must be left to your legal team. Their support is strictly behind the scenes, with the information they discover being passed along to attorneys so they can make a compelling case in your favor. If you suspect your ex is withholding assets, it’s time to delve deeper into financial records to ensure shared property is divvied up equitably.