Role of Forensic Accounting in Divorce
All around the globe, the cases of divorce are on the rise. In divorce cases, the financial issues are among the most contentious and complicated. The financial aspects related to marital disputes and dissolution is usually complex. In such cases it becomes essential to avail the services of forensic accountants, who possess unique skills and expertise to provide valuable support to divorcing spouses and their attorneys. The role of forensic accounting in divorce is indispensable.
Forensic accountants assist attorneys with general financial issues related to divorce. They provide in-depth forensic services. In today’s dynamic economic world availing the services of a qualified forensic accountant can make a substantial difference in the outcome of a case.
Generally during the divorce process, a spouse tends to take on immoral practices such as hiding money from their partner. Spouse might encourage such practices to guard his own money or to make sure that they get the financial share they are entitled to.
This is where the forensic accounting comes in to solve financial issues. Together with the attorney, the accountant makes sure that the client is not being cheated. He traces the amount of money the spouse makes, the amount of money he spends and verifies if all that adds up with the share being given to your client.
Often a dishonest spouse understates income, assets, and the related value of their closely held businesses. A forensic expert can get into the details of the finances of your ex-spouse. A forensic analysis might include reviewing financial data to determine its accuracy and reasonableness, determining each spouse’s standard of living and disposable income, locating hidden assets and determining what property may be considered separate from marital property.
Some of the dubious transactions that can be observed are as given below:
Before hiring a forensic accountant consult your divorce attorney because solving a divorce case requires constant coordination between the two.
To uncover the assets your ex-spouse is hiding, you need the help of a forensic accountant.