When wealth accumulation and marriage intertwine, the dissolution of the union can lead to a web of financial intricacies. Thus, high-asset divorce cases have unique challenges that need specialized expertise.
One such expert is a forensic accountant, who can be crucial in ensuring a fair division of assets. If you are facing a high-asset divorce, what is the role of a forensic accountant and how can they help you go through your divorce?
Identifying hidden assets
One primary task of forensic accountants is uncovering hidden assets. They use investigative techniques such as reviewing financial records and tracing bank transactions. They can also analyze tax returns to find undisclosed income or property.
Determining accurate income for support
In addition, they can help determine accurate income for spousal and child support calculations. In some cases, a spouse may try to minimize their income to lower their support payments. Forensic accountants can analyze financial data to establish an accurate income figure and ensure fair support payments.
Assisting in complex property division
In high-asset divorces, property division can be intricate due to diverse investment portfolios, real estate holdings and business interests. Forensic accountants can assist in evaluating these assets, including business valuation.
Testifying as expert witnesses
Further, they can serve as expert witnesses, presenting their findings in court to support one party’s case. Their testimony can carry substantial weight, which could impact the court’s decisions on asset division and support payments.
Securing your financial future
In the landscape of high-asset divorces, the role of a forensic accountant is invaluable. However, they are just one piece of the puzzle. By seeking legal guidance, you may navigate the challenges of your divorce, advocate for your rights and interests and seek to secure your financial future.