The importance of forensic accounting during your divorce

On Behalf of | Oct 20, 2021 | Divorce |

When you’re going through a divorce, one of the things you need to do is provide information on all of your assets. It might be hard for you to figure out what your assets are or what possessions you have, though, if you were not the person who handled your finances.

Forensic accounting can be a huge help for people who aren’t sure what their assets are or if there are assets they don’t know about. A forensic accountant uses their skills to look into your finances as well as your spouse’s, so you don’t miss any marital assets while working through your property division discussions.

Do you need a forensic accountant during the divorce process?

It is smart to look into working with a forensic accountant during your divorce. Why? With a forensic accountant, you can take steps to be sure that you know your assets and liabilities. You’ll be able to use the findings of a forensic accountant to get an accurate business appraisal, too.

Forensic accountants are excellent at locating hidden or missing assets. Since they work with divorces often, they’ll know what signs to look for that would show that the other party has hidden assets or tried to conceal bonuses, tax returns or other financial windfalls. Their goal is to make sure that your accounts are all out in the open, so you can make the best choices during your divorce.

Forensic accountants can also help with spousal or child support

Another thing to remember is that forensic accountants can help with child support and spousal support determinations. They’ll be able to accurately determine both you and your spouse’s income and assets so that the support ordered by the court is accurate. If you don’t go to court, you can still use these services to make sure you have all the facts while negotiating.

It’s important for you to have all the right information when you’re negotiating and trying to settle your divorce. If you’re not sure about your finances, then working with a forensic accountant may help. They’ll know where to look to find all of your financial information.