Will I Need To Hire An Accountant For My Divorce?
Divorce is a complex and stressful process. You may be engaged in serious conflict with your soon-to-be ex-spouse. Your spouse may not be playing fair when it comes to financial disclosures. This is where a forensic accountant can be quite valuable. They can ensure that your financial interests are accounted for when it comes time to split the marital estate. 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 divorce.
What does a forensic accountant do?
The job of the forensic accountant is to pore over financial records, to discover inconsistencies, hidden assets, or even fraud. To accomplish this, the forensic accountant combines accounting skills with investigative techniques. They analyze financial statements, trace transactions, and provide expert testimony in front of judges. Forensic accountants can further specialize in fields such as criminal investigations, corporate fraud, and (of course) family law.
What do forensic accountants do in divorce cases?
During a divorce case, a forensic accountant’s role is to ensure that one spouse isn’t hiding assets or income from the other. This could include:
- Tracing assets – Forensic accountants track down assets that one spouse may try to hide. This includes offshore bank accounts, undeclared income, or valuable items that were purchased with cash.
- Evaluating businesses – Forensic accountants are also responsible for appraising businesses that are owned by one or both spouses. Their role is to analyze the business’s financial records and provide an accurate valuation of the business. This ensures that the business is fairly divided during equitable distribution.
- Analyzing income – Forensic accountants also review income sources to determine if one spouse is underreporting their earnings. This is a crucial measure that ensures that both parties are compensated fairly during equitable distribution.
- Reviewing expenses – Forensic accountants also examine spending patterns to identify unusual or suspicious expenditures that may indicate one spouse is attempting to dissipate assets from the marital estate.
- Providing expert testimony – Forensic accountants also provide expert testimony to the court during court proceedings.
Talk to a Tampa, FL Divorce Lawyer Today
If you’re engaged in a high-asset divorce, then chances are good you might need a forensic accountant. Call the Tampa family lawyers at Faulkner Law Group, PLLC today to schedule an appointment, and we can begin discussing your financials right away.
