The emotional and financial effects of divorce can leave you feeling overwhelmed and confused about how to proceed. Disentangling shared assets, debts and financial interests gets complex and sometimes contentious. That is why many couples opt to work with a forensic accountant as part of the process.
Forensic accountants offer several beneficial services as part of a divorce case.
Uncovering hidden assets
In some divorce cases, even those with high net worth, one spouse might hide financial holdings or assets to minimize their obligations during the settlement process. Cryptocurrency provides an easy way for some people to hide assets. A recent article from CNET indicates that more than 20 million Americans own cryptocurrency. Forensic accountants investigate accounting records and statements to reveal hidden assets such as these accounts to ensure that both parties get a fair settlement.
Valuing marital assets
Equitable asset distribution starts with accurate valuation of the assets. Forensic accountants help with valuation. They gather necessary documentation and assessments for real estate, businesses and other investments based on the market conditions and the asset’s base value.
Assessing financial statement accuracy
Forensic accountants review financial statements, tax returns and business records for consistency as part of the financial settlement process. Any discrepancies or irregularities may affect the final settlement, so conduct this evaluation early to address any potential complications.
The financial assessment in any divorce case not only determines the final settlement but also drives the calculations for spousal and child support. Accuracy is essential in these situations, and a forensic accountant could be just the help you need.