When it comes to a successful divorce, you will have to choose the right professionals to be on your team. This may mean choosing the right divorce lawyer when it comes to litigation, or the mediator that works best for you and your spouse if you choose that route. Another professional you may want to work with is a forensic accountant. This will not be the case in every divorce, but there are some cases in which a forensic accountant can be an important player on your team. Read on to learn more about forensic accountants and how they may be involved in your divorce.
What Does a Forensic Accountant Do?
A forensic accountant can help determine a party’s true income. This may be done by scrutinizing business records, bank accounts, tax returns, and investment portfolios. This is important when it comes to divorce and significant decisions about money are being made. For example, it is necessary to know both party’s true incomes when it comes time to determine matters of alimony, child support, and division of assets. In some cases, one or both spouses may attempt to hide assets. If a forensic accountant were to uncover any hidden assets or unethical behavior, he or she would be obligated to report these findings to the court. The court would then notify the IRS, potentially prompting an investigation. This can cause a slew of legal trouble, in addition to an already complex divorce. A forensic accountant can also uncover unethical practices such as:
- Creating fake debt
- Padding payroll
- Under-reporting income
- Overpaying creditors
- Transferring assets to dummy corporations
- Purchasing expensive items with undeclared cash
While a forensic accountant is often involved in high-stakes divorces, they may be involved in a divorce even when there is no fraud involved. For example, when there is a business involved, a forensic accountant can help to evaluate the business. He or she can also valuate tangible items such as art, antiques, and collectibles.
If you are interested in working with a forensic accountant, or you have any questions about the division of assets in a divorce, reach out to our firm today. We want to make sure you and your assets are protected and that your divorce is fair and equitable.
Contact our Firm
We understand that those getting a divorce most likely have several questions regarding the weeks and months to come. Paris P. Eliades Law Firm, LLC is honored to serve the people of New Jersey, including Sparta, Sussex County, Morris County, Passaic County, and Bergen County with the quality legal services they deserve. If you are getting a divorce or have any other questions regarding divorce-related matters, please do not hesitate to contact our firm for a consultation today.