Do I Need to Hire a Forensic Accountant for My Divorce?

The financial aspects of divorce are often complicated and can make an already complex and emotionally charged process even more confusing. Fortunately, couples do not have to grapple with these issues on their own, but can often benefit from the help of a financial expert, like a forensic accountant. Read on to learn more about these specialists and whether they could be helpful in your own divorce.

Forensic Accountants Can Help With Divorce 

Forensic accountants are financial experts who specialize in examining financial records and uncovering fraud or inconsistencies. In divorce settings, the services of forensic accountants are often required in cases where one or both spouses are suspicious that the other is hiding assets in an attempt to avoid an unfair division of marital property. The work of these experts requires a combination of accounting skills and investigative techniques, which makes them uniquely equipped to:

• Analyze complicated financial statements and records;
• Trace complex financial transactions, including those that were meant to be hidden;
• Identify hidden assets, including undeclared income, valuable property purchased with cash, and offshore accounts;
• Review all income sources;
• Examine spending patterns and expenses;
• Assess the value of the couple’s business interests; and
• Determine whether an asset is marital or separate property.

Not all divorces require the assistance of a forensic accountant or other financial expert, so if you have questions about the services of these experts and whether they could be useful in your own divorce, please call our legal team for help.

When to Consider Hiring a Forensic Accountant 

It can be difficult for divorcing couples to know whether hiring a forensic accountant is necessary. Fortunately, a divorce attorney will be able to advise couples as to whether doing so will benefit their case. There are a few rules of thumb, however, that couples can use to help them decide whether retaining a forensic accountant is right in their situation. It is, for instance, a good idea to consider working with a financial specialist if one or both spouses:

• Owns a business;
• Suspects the other of hiding assets;
• Owns significant or complex assets;
• Requires an accurate valuation of income and assets; or
• Wants a clear and objective analysis of the parties’ financial situations.

The ability to uncover assets and value property can make all the difference in the type and fairness of the property settlement agreement entered into by a couple during divorce, which is why so many divorcing parties decide to work with forensic accountants and other financial experts when ending their marriages.

Reach Out to Our Dedicated Clearwater Divorce Legal Team Today 

For help determining whether hiring a forensic accountant is necessary (or could be helpful) in your own divorce case, please call Cairns Law at 727-683-1472 and set up a meeting with one of our dedicated Clearwater divorce lawyers today. Call or contact us via online message to discuss your legal options. We are happy to meet with you not only during the weekdays, but on evenings and weekends as well.

Sources: 

americanbar.org/groups/litigation/resources/newsletters/trial-evidence/expert-witnesses-the-basics/

nu.edu/blog/how-to-become-a-forensic-accountant/