When divorces involve high-value assets and significant sums of money, the stakes of a split are high. Parties often need the help of outside professionals, like forensic accountants.
If considerable money or property is involved in your divorce, you may benefit from a forensic accountant’s services.
What do forensic accountants do?
Forensic accountants use accounting and investigative techniques to untangle financial issues and uncover misconduct. They can be helpful in a range of legal matters.
In the context of divorce, they examine parties’ financial records to examine:
- Asset valuation
- Categorization of property
- Asset ownership
- Improper concealment or undervaluation of property
They can also trace assets back to determine where and when parties acquired them. Forensic accountants also flag transactions that could be fraudulent.
How they can help during a divorce
The primary function of a forensic accountant in a divorce is to provide information and analysis to help people make informed decisions.
Most often, parties use them to:
- Find hidden assets
- Trace ownership of property or funds
- Calculate a person’s stake in a company
- Determine whether property is eligible for division
- Assign values to specific objects
- Evaluate businesses, professional practices and corporate retirement packages
This information can help parties divide assets fairly and in line with Nevada laws.
Dividing high-value property can be a highly technical process. Often, it requires diligent investigation and familiarity with complicated economic elements. With professional guidance, parties can be confident they are working with a complete financial picture.
Utilizing professionals during your divorce
Forensic accountants can indeed be valuable team members during your divorce – particularly if you or your ex:
- Own a business
- Have stock options and other financial investments
- Have a complicated financial situation
- Have considerable assets
- Try to hide property
- Plan to seek spousal support
Consulting financial professionals can be wise if your split involves these or other sophisticated financial circumstances.
Doing so can make the difference between a fair and unfair divorce settlement.