Divorce is already a stressful prospect. Major changes are underway and your sense of normalcy is likely shaken. You may be engaged in serious conflict with your soon-to-be former spouse who may not be playing fair when it comes to finances. This is where a forensic accountant can play a crucial role in ensuring that your financial interests are met. In this article, the Tampa, FL divorce lawyers at Westchase Law, P.A. will discuss the role of the forensic accountant during divorce proceedings and why you might need one for your divorce.
What does a forensic accountant do?
Forensic accountants specialize in poring over financial records to discover inconsistencies, fraud, or hidden assets. To do this, they combine accounting skills with investigative techniques. Their work involves analyzing financial statements, tracing transactions, and providing expert testimony before judges. Forensic accountants can further specialize in other fields such as criminal investigations, corporate fraud, and family law.
What do forensic accountants do in divorce cases?
In a divorce, a forensic accountant’s role is to ensure that one spouse isn’t hiding assets from the other spouse. This includes:
- Tracing assets – Forensic accounts track down assets that one spouse may attempt to hide. This includes offshore bank accounts, undeclared income, or valuable items that were purchased with cash.
- Evaluating businesses – Forensic accountants are also responsible for appraising the value of businesses that might be owned by one or both spouses. Their role is to analyze financial records and provide an accurate valuation of the business, ensuring that the business is fairly divided during the divorce.
- Analyzing income – Forensic accounts review income sources to determine if one spouse is underreporting their earnings. This part of the process is crucial for ensuring that both parties are compensated fairly during the divorce process.
- Reviewing expenses – Forensic accountants examine spending patterns to identify any unusual or suspicious expenses that may indicate one spouse is attempting to funnel money out of the marital estate.
- Providing expert testimony – Forensic accountants provide expert testimony to the court during court proceedings. They will testify concerning their findings and provide clear evidence concerning financial matters.
Do I need a forensic accountant for my divorce case?
The answer to this question depends entirely on the circumstances of your case. Your divorce attorney will advise you as to whether or not a forensic accountant is necessary to the divorce process. You might want to consider hiring a forensic accountant if:
- You believe your spouse is hiding assets
- You or your spouse owns a business
- You are a high-asset couple with complex finances and significant assets
- You need accurate valuations of assets and income
Talk to a Tampa, FL Divorce Attorney Today
Westchase Law, P.A. represents the interests of Tampa residents who are currently considering the prospect of divorce. Call our Tampa family lawyers today to schedule an appointment, and we can begin discussing elements of divorce such as equitable distribution of the marital estate, alimony, child custody, and child support.