Many remain unaware of what forensic accountants do. These specialists help unravel bankruptcies, money laundering, securities fraud, and tax evasion.
Additionally, they can be relevant during a divorce. One can uncover important information that alters the determinations of a judge. Be aware of the many marital matters a forensic accountant can impact.
Locating hidden assets
Some divorcing individuals are willing to hide financial information. A forensic accountant will make sure every penny is part of the record. This person may also verify whether debts are the responsibility of both parties and not one.
Appraising properties
Divorce means living in the same home is no longer tenable. When a real estate sale becomes imminent, splitting the proceeds is simple. What happens when one spouse wants to continue living in the marital abode? A forensic accountant is able to pinpoint the correct market value. This information then influences the division of property against financial holdings.
Valuating businesses
If you own a company, it is a marital asset. Your spouse has a claim to its worth. Forensic accountants can attach a dollar figure to it. Courts use this amount to help them split everything fairly. Absent such information, the person you are divorcing may decide to get even by becoming a half-owner. Most want to avoid their former romantic interest becoming a current business partner.
Forensic accountants do more than unravel criminal violations on Wall Street. They also play a vital role in high-value divorces. Know the reasons for hiring one during the dissolution of marriage.