Forensic accountants and high net worth divorce

Forensic accountants and high net worth divorce

On Behalf of | Nov 21, 2022 | Divorce |

There comes a time in some marriages when divorce becomes the only option. Forever attempting to repair the damage does not make sense. Going separate ways is the logical path forward.

Division of wealth features heavily during a divorce. There is the possibility that one party will try underhanded strategies. A forensic accountant can uncover such wrongdoing. Certain factors imply there is wisdom in hiring one of these professionals.

Assets

Wealthy individuals share more than just joint and separate bank accounts. They are also likely to own complex portfolios featuring an array of investments. Galleries of artwork and luxury vehicles might be in the mix. The more elements are in play, the easier it becomes to hide riches.

Debt

Couples with high net worth secure mortgages and other types of credit that are out of reach for others. This grants entree to enviable possessions such as extravagant homes. During the split, debts might still be in effect. A forensic accountant can provide a clearer idea of how best to handle these deficits.

Animosity

With negative feelings running thick, one individual might attempt sneaky self-enrichment practices. One strategy is transferring monies to secret accounts. Other deceptions are selling treasures without disclosure and declaring bankruptcy. Only with documentation is it possible to rebuke such actions in a court of law.

Financial funny business during divorce is no laughing matter. Stay open to the idea of hiring a forensic accountant during a split. In the end, securing the services of such an ally may prove to be an astute decision.