Role of Forensic Accountants in Divorce Cases

We all know that divorce can be an emotional experience, but if you look at it closely, it’s merely a matter of ending a contract between two parties. And one of the most contentious parts of a divorce involves money, and which party will end up with the more valuable assets.

Image courtesy of Arvind Balaraman at FreeDigitalPhotos.net

Image courtesy of Arvind Balaraman at FreeDigitalPhotos.net

Much of this starts with the person that’s handling the checkbook. In many marriages, one spouse typically takes care of the finances. This person is the one that pays the bills, deals with investments, makes donations to charities, etc. Then, when the marriage ends up headed for divorce, this person is the one that also usually knows the most about the couple’s assets and financial health, with the other being left in the dark.

Because of this situation, many of the couple’s assets may end up hidden. Common types of hidden assets include cash, bonds, insurance policies, mutual funds, stocks, and annuities. Some of these assets may be converted into cash and then used to purchase luxury items, such as jewelry, art, antiques, vehicles, and collectible items.

This is why, in many divorce cases, attorneys or private parties will hire a Forensic Accountant. A Forensic Accountant works to uncover assets and to provide expert testimony at the divorce hearing. This person will use several methods for uncovering anything that may be hidden from the other party. He or she may start by asking about the spouse’s habits in order to determine potential locations where assets may be kept. Forensic Accountants may also review tax returns, financial statements, property deeds, and other records.

For more information on divorce and family law issues, and whether you may need a Forensic Accountant, email Keith@AttorneyGrossman.com or call toll free: 877-687-1392, or locally: 239-210-7516.

Interested in learning more about the emotions that can surface during a divorce, read my free e-book, “Does Every Divorce Need a Shark?”

Does Every Divorce Need a Shark?

     Posted on August 20, 2015 at 8:58 am | No comment

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