Divorce often involves intricate financial matters. At times, the expertise of a forensic accountant becomes indispensable.
These professionals play a key role in ensuring an equitable resolution of financial matters.
1. Complex financial transactions
If you find yourself unraveling a web of complicated investments, business interests or offshore accounts, it is a clear sign that you need a forensic accountant. These professionals possess the skills and expertise to dissect these intricate financial matters, providing a comprehensive financial picture that is necessary for a fair resolution.
2. Suspicious financial activity
Marriages can sometimes hide secrets, and financial secrets are no exception. If you suspect that your spouse may be concealing assets or manipulating financial records, a forensic accountant can be your ally. They can meticulously trace financial transactions, uncover hidden assets and provide concrete evidence that can influence the division of assets in your divorce.
3. Discrepancies in income and expenses
It is not uncommon for one spouse to underreport income or overstate expenses to reduce their financial obligations in a divorce. Forensic accountants can identify inconsistencies in financial statements, tax returns and other documents. They can uncover the truth, ensuring a fair division of assets and spousal support.
4. Potential fraud or mismanagement
If you suspect financial misconduct, such as embezzlement or mismanagement of assets, during your marriage, a forensic accountant can investigate and provide a clear account of what transpired. They can help uncover any fraud, misappropriation or hidden financial issues, which can be important in the divorce settlement process.
In 2021, 689,308 divorces happened in the U.S. Unfortunately, many of those divorces involved a spouse trying to decrease the value of the marital assets. If you notice any red flags, a forensic accountant may help uncover misdoings.