Divorce And Forensic Accounting
If you’re considering a divorce, or are already going through the process, you likely have a lot of questions. In most cases, divorce boils down to two key components: children and money. We’re going to take a look at the latter and explore one financial concept that you may or may not have heard of: forensic accounting.
What Is a Forensic Accountant?
A forensic accountant is simply an accountant who specializes in analyzing and preparing financial documents as evidence in court cases. They can help you look for assets that may be hidden, assess the value of the physical property, and project potential financial outcomes of your divorce settlement.
Often, a forensic accountant will be hired by one spouse who thinks the other is hiding money or otherwise failing to make full financial disclosure. Another reason to work with an accountant during your divorce is to assess whether a settlement offer is worth entertaining or not.
Who Should Hire a Forensic Accountant?
If you don’t have many assets and you and your ex-spouse agree on most, if not everything related to your divorce, you may not need to hire a forensic accountant. In these cases, the cost of working with an accountant may be greater than the benefit, because you don’t have much to lose.
On the other hand, if you do have a number of assets or you stand to lose a great deal in your divorce, a forensic accountant can be a valuable ally. You should also consider working with an accountant if you suspect that your ex-spouse may be hiding money or other assets.
What to Do If Your Ex-Spouse Hires a Forensic Accountant
If your ex-spouse has hired a forensic accountant, the news may initially be unsettling. No one likes having their personal financial records examined in detail, however, you have nothing to worry about if you’re not hiding assets. As long as you’re making full financial disclosure, your ex-spouse hiring a forensic accountant should not impact you.
When to Call a New York Divorce Lawyer
One of your greatest resources during your divorce is your attorney. An experienced lawyer can help you reach out to key support individuals, such as forensic accountants and expert witnesses, and will work with you to maximize their benefit to your case. If you’re thinking about getting a divorce or have been served with divorce papers, contact our office today for a consultation at (718) 878-6886.
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