When involved in a divorce and either you or your partner has a high income or considerable assets, you may face complications that other couples typically will not. When your financial situation is especially complex, you probably want to do everything in your power to make sure you receive everything you deserve, and many people facing similar circumstances are frequently relying on forensic accountants to help make this happen.
Just what is a forensic accountant? Essentially, this type of accounting professional is well-versed in identifying, analyzing, interpreting and summarizing complex financial data, and forensic accountants often take a central role in complicated financial, family or business matters. So, how do you know if you need to add one to your divorce team? While divorcing parties at all income levels can potentially benefit from hiring a forensic accountant to help them, it may prove particularly advantageous to do so if you:
Have assets of unknown value
Often, forensic accountants are also valuation professionals, meaning they can typically help you appraise any assets you may have that are of undetermined value. Say you or your former partner have, for example, business or partnership interests in a health care practice, law firm or what have you. A forensic accountant may be able to help you determine the value of these interests so you and your ex can divide them appropriately.
Suspect your ex is lying or acting unethically
You may, too, want to hire a forensic accountant if you believe your ex is not being truthful about his or her income or assets. A forensic accountant is typically adept at identifying when someone may underreport income, create fake expense reports, intentionally overpay creditors or otherwise engage in shady tactics ahead of a divorce.
When you have a lot of assets, you have a lot to lose. A forensic accountant can help ensure you do not end up holding the short end of the stick after your divorce.