What Does A Forensic Accountant Do During A Divorce?
Is your soon-to-be-former spouse playing fair when it comes to disclosing their finances? Are you sure? How can you know? One way to tell is by hiring a forensic accountant. The forensic accountant plays a crucial role in ensuring that your financial interests are met. In this article, the Tampa, FL divorce lawyers at Faulkner Law Group, PLLC will discuss the role of the forensic accountant during divorce proceedings and why you might need one for your pending divorce.
What does a forensic accountant actually do?
Forensic accountants are accountants who specialize in poring over financial documents to discover inconsistencies, fraud, or hidden assets. To accomplish this, the forensic accountant will combine accounting skills with investigative techniques. The forensic accountant’s job is to analyze financial statements, trace transactions, and provide expert testimony before judges. Forensic accounts can work in criminal investigations, corporate fraud, and family law.
What do forensic accountants do in divorce cases?
During a divorce, the forensic accountant’s role is to ensure that one spouse is not hiding assets or income from the other spouse. Their duties include:
- Tracing assets – Forensic accountants can track down assets that one spouse may try to hide. They can find offshore bank accounts, undeclared income, and valuable items that were purchased with cash.
- Evaluating businesses – Forensic accountants are also tasked with appraising the value of businesses that might be owned by one or both spouses. Their job is to analyze the business’s financial records and provide an accurate value for the business. This ensures that the business is divided fairly during the divorce.
- Analyzing income sources – Forensic accountants will review income sources to determine if one spouse is underreporting their income. This is important for ensuring that both spouses are compensated fairly during the divorce.
- Reviewing expenses – Forensic accountants also examine spending patterns to determine if there is any unusual or suspicious activity that may indicate that one spouse is attempting to remove money from the marital estate to prevent it from being distributed during divorce.
- Proving expert testimony – Forensic accountants will also provide expert testimony to the court during your divorce. They can testify about their findings and provide clear evidence about financial issues.
Will I need a forensic accountant for my divorce case?
The answer depends entirely on the facts of your case, the type of assets you hold, and whether or not you trust your spouse. Your divorce attorney will recommend a forensic attorney when:
- The spouse may be hiding assets
- You or your spouse own a business
- You are a high-asset couple with significant assets
- You need accurate valuations of assets and income
Talk to a Tampa, FL Divorce Lawyer Today
Faulkner Law Group, PLLC represents the interests of Tampa residents who are engaged in a divorce. Call our Tampa family lawyers today to schedule an appointment, and we can begin addressing your concerns right away.
