Finances in a divorce can be contentious, even if it seems like the divorce is amicable. Money can strain even the smoothest proceedings, especially when high-value assets are involved in a divorce. There are methods and people to rely on to protect your assets and ensure your divorce is as equitable as possible.
A divorce attorney might suggest you hire a forensic accountant to review the assets included in your divorce, mainly if your divorce involves high-value assets.
What is a Forensic Accountant?
Forensic accounting focuses on building a case for real events that happened within finances connected to a court case. Forensic experts collect and present evidence that can be used in court. Like the forensic specialists who investigate crime scenes, a forensic accountant will review financial transactions to get a true picture of available assets and what’s been done with them.
For instance, a forensic accountant can uncover a spouse’s deceitful practice to undervalue their financial worth. They can also search for any hidden assets a spouse conceals in a divorce.
Why Do Finances Matter in a High-Asset Divorce?
In Georgia, divorcing spouses must equitably divide their property. That divide isn’t 50-50 down the middle; instead, each party gets a fair amount. Determining what’s fair can be challenging, especially when the couple has high-asset property.
In some divorces, one spouse may hide assets, undervalue their property, or argue for more post-divorce support. Divorcing couples must determine which property can be divided between both parties and which property should be kept separate.
Dividing this property can affect how much money one partner receives from their ex in spousal support or child support. Having a true value will allow the judge to make a decision about support that’s accurate to the situation. A forensic accountant can help keep your soon-to-be ex honest and protect your future.
Important Ways to Utilize a Forensic Accountant in a Divorce
When you’re dealing with high-value property like businesses, real estate, or cryptocurrency, you can benefit from the help of a forensic accountant. You might have an idea of the assets involved in your divorce, but an accountant can provide you with detailed breakdowns of everything.
Your forensic accountant can:
- Track and Appraise Assets: One spouse may have more assets than the other, or they may have higher-valued assets. They may also be hiding these assets in offshore accounts or using shady practices to avoid paying their fair share. A forensic accountant can find these assets and where they’re being hidden.
- Find Disputing Income Reports: A divorce can make people act irrationally; a bitter ex may try to hide assets to avoid paying more in spousal or child support. An accountant can find where they’re lying about their income, which can protect any maintenance orders after the divorce settlement.
- Evaluate Businesses: Dividing a business equitably can be tricky. There are many considerations to be made throughout the process, like knowing how much the company is truly worth. An accountant can determine who has contributed to the business’s value, even if you’re the spouse of the business owner, and recommend what you may be owed after a divorce.
- Provide Expert Witness Testimony: Not only can an accountant review assets in a high-value divorce, but they can also speak to who is owed what in court. As professionals, their opinions and experience can be used to persuade the judge or jury that your spouse was in the wrong, and you deserve an equitable settlement.
Hiring a Forensic Accountant for Your High-Value Divorce
Divorce can be expensive, but it’s essential to get things done correctly and with care. Hiring a forensic accountant might seem like a surplus charge, but when you suspect wrongdoing, you want a skilled professional to get the job done right. Sometimes, if an accountant can discover your ex was trying to hide assets or was otherwise deceitful, the judge may order them to pay for your expenses, including the accountant’s fees.
You might be uncertain if you need a forensic accountant. If you have doubts, discuss this question with your attorney. They can explain whether they believe you need an accountant and the value of hiring one. Your high-value divorce attorney will have your best interests at heart. They won’t suggest that you hire a forensic accountant unless one is absolutely necessary. If the suggestion seems out of place, consider finding an attorney with your success in mind.
Get Help with Your High-Asset Divorce Now
Dealing with a divorce can be stressful. Not only are you working to end your union, but you’re also working to establish your future and get a fresh start. The matter’s complicated when you consider the high-value assets involved. Your ex may be vindictive or petty; if they scheme to hide assets from the court, you need a responsible attorney who recognizes the falsehoods and finds a way to prove it.
The Gentry Law Firm in northern Georgia has been helping clients make responsible choices in their divorce for years. We’re focused on families so they can move forward after a divorce. If your spouse is being deceptive about your family’s assets, we’ll help you find a forensic accountant who can prove it and get the evidence you need to get an equitable divorce.