Lawyers are an important resource for those preparing for divorce. They can educate their clients about the law and advocate for them in both negotiations and in court. However, they are not the only professional that someone may need to consult with when preparing for a divorce.
For those with significant marital resources or high-conflict divorces, a forensic accountant could offer important support as well. These financial specialists have training that helps them track financial resources and review records for inconsistencies. They can help evaluate evidence and can offer critical support to someone worried about the potential for an unfair divorce outcome.
Establishing the extent of the marital estate
It is common for spouses to enter a marriage with pre-existing assets. They may then have a hard time distinguishing marital property from separate property. Perhaps they continued to contribute to a 401(k) during the marriage that they started before the marriage. The assistance of a forensic accountant can help establish what assets are part of the marital estate and what resources either spouse can preserve as separate property.
Locating hidden assets
In marriages with high income levels and complex holdings, there is plenty of opportunity for misconduct. One spouse might buy digital assets or move funds to an offshore account. Forensic accountants can potentially track the use of marital resources and can sometimes find and value hidden assets acquired with marital property. Locating hidden assets before agreeing to a divorce settlement is of the utmost importance for a fair outcome to divorce proceedings.
Quantifying financial misconduct
Hidden assets aren’t the only kind of financial misbehavior that can complicate divorce proceedings. Sometimes, people intentionally destroy marital assets or sell them for a fraction of their value. Other times, they may waste money conducting an extramarital affair. A forensic accountant can track down dissipated marital resources and determine how much one spouse’s bad behavior affected the overall value of the marital estate.
People who understand the ins and outs of their marital finances can seek appropriate financial solutions as they navigate their divorce proceedings. Partnering with a forensic accountant can be a smart move for those preparing for an upcoming divorce. The right professional assistance can help people secure reasonable divorce outcomes under a variety of circumstances.