A forensic accountant is someone who gives expert advice at trials such as civil disputes. Usually, they will have to utilize a wide variety of different skills, such as investigative, auditing, and accounting skills. They collect this information to determine what events exactly took place and how they happened.
In a court room, a forensic accountant may be needed to determine the value of a business or to calculate economic damages (such as those suffered through a breach of contract). But, each case is different and not every divorce case needs a forensic accountant.
Why would you need a forensic accountant?
The main reason why is because, as you can understand, multiple aspects of a divorce can be hugely problematic. This is true for most elements of the divorce, but it’s especially true for the financial aspects of it. When it comes to things such as dividing property or money in an account, it is a good idea to have a professionals help. Hiring an experienced divorce attorney and a forensic account can help you figure out the financial split.
In fact, even if you don’t personally go to a forensic accountant yourself, chances are good that your divorce lawyer will. This will happen especially if your divorce case is very complicated.
In your case, a forensic accountant can prove to be invaluable in helping with areas such as child support, division of property and assets, and spousal support. In addition, individuals who are involved in high asset divorces will often turn to forensic accountants for help. They can be extremely helpful with the division of stock options or investments.
In order to thoroughly evaluate your financial situation, the forensic accountant you hire will review your financial documents. These include credit card statements, tax returns, property deeds, stocks, investments, and many other financial records. It is very important to ensure that everything is thoroughly and accurately evaluated in any divorce. Extra attention is especially needed if your divorce involves many assets and complicated financial measures.
For help with gathering these documents for your divorce attorney and forensic accountant, click on the picture below.
What can a forensic accountant help with?
To conclude, you will want to seek the help of a forensic accountant for any of the following:
- Determining personal expenses
- Searching for hidden assets
- Determining the value of personal expenses
- Appraising property
- Determining child support or spousal support
- Dividing property and assets
- Evaluating insurance policies and retirement funds
- Appraising assets
- Assessing the financial impact of your divorce settlement for both the short term and the long term
- Searching for and evaluating any financial inconsistencies in your divorce settlement
If anyone fails to report certain assets to the court in the divorce proceedings, it’s going to have a very big impact on how the settlement plays out. This can be done intentionally or by mistake, but either way it plays a crucial part in your settlement. This is why adding the services of a forensic accountant to your divorce case would be one of the most wise moves you make. Doing this can ensure that the settlement plays out as fairly for you as possible.