Divorce is an incredibly difficult process for both parties involved. It can bring out strong emotions and create a lot of financial stress. In some cases, a forensic accountant may be necessary to help protect the interests of both parties.
A forensic accountant’s job is to examine financial records and uncover any discrepancies that you could use in a divorce case. The financial side of divorce can be very complex, so it helps to have a professional bear the brunt of it.
Identifying assets and debts
A forensic accountant will start off by analyzing both parties’ financial records. This can include a review of bank accounts, credit card accounts, investments, mortgages and any other debts that someone may owe. Your accountant can determine if there are any hidden debts that may be causing financial stress, which can be important if your spouse is trying to hide debts to avoid paying alimony or child support. Your accountant can also identify assets that may be available to help fund the divorce.
Identifying tax liabilities
A forensic accountant can help determine if there are any additional tax liabilities that you or your spouse need to pay. This can be helpful if you have failed to pay taxes in the past and want to avoid incurring additional tax liability after the divorce is over.
During a divorce, emotions can run high and make it challenging to think clearly. A forensic accountant can help you make informed decisions based on cold hard facts instead of emotions. This way, you are more likely to walk away from the scenario without regrets.