You’re probably familiar with the term “forensic” as it relates to crime. It’s a word used often in television shows and movies. You may be less familiar with how forensic science relates to divorce, but it can be a valuable tool for examining assets and financial accounts.
If your situation warrants it, a forensic accountant could help uncover valuable information when dividing property.
What is a forensic accountant?
Forensic accounting combines accounting and investigation. Like any accountant, the role requires financial acumen, but it also involves analyzing financial data to find errors and inconsistencies. Financial accountants can trace funds and analyze accounts beyond standard accounting methods.
In divorce, forensic accounting can uncover hidden or unreported assets, which could be imperative to accurate property division.
Who could benefit from hiring a forensic accountant?
You could benefit from the assistance of a financial accountant if your spouse has a complicated financial portfolio. Say, for example, your spouse has a large portfolio that includes stocks, retirement accounts, real estate and trusts that are all in his or her name. Depending on when the property was acquired or how it has appreciated, some or all of it may be marital property and be subject to equitable distribution.
However, your spouse may also use his or her complex holdings to hide assets. Even without malicious intent, mistakes could prove costly and leave you with less than you deserve.
Receive your fair share
A forensic accountant can help ensure your financial future. After all, property division is about dividing assets and debts. Without a clear picture of the finances, it’s impossible to accurately divide property