630-584-5550
The Importance of Forensic Accounting in High Asset Divorce Cases
High net worth divorce cases come with high risks and secret agendas. Forensic accounting can be vital in providing an equitable resolution during your divorce. Accountants use their experience to share valuable insights during valuation, track complex transactions, and uncover hidden assets. We explore the key advantages of working with forensic accounts in a high asset divorce below.
Use It to Identify Discrepancies in Financial Records
Navigating a high asset divorce can be tricky, especially if your soon-to-be-ex-spouse falsifies information to reduce spousal or child maintenance obligations. Forensic accountants can catch lies by tracing financial transactions and verifying records.
This includes:
- Reviewing financial documents and reconciling bank statements to ensure they are accurate.
- Tracking financial activity to ensure funds are transferred to legitimate bank accounts.
- Analyzing family business records and assets to identify discrepancies.
- Checking tax returns and associated paperwork to catch inaccurate representation of the opposing party’s financial status.
These steps minimize fraudulent activity by ensuring a comprehensive and accurate understanding of your spouse's finances and investments.
Forensic Accountants Help You Discover Hidden Assets
Forensic accountants review your soon-to-be-ex-spouse’s financial activity carefully. Sometimes, they may find that your spouse secretly hides assets to ensure they are not divided during the divorce.
Here are some common examples of hidden assets:
- Your spouse may have secret bank accounts or retirement assets.
- Your spouse opens multiple offshore accounts without your knowledge.
- Your spouse bought valuable items such as antique furniture, art, and luxury products like jewelry with the intention to resell them after the divorce.
- Your spouse gifted high-ticket items to family and friends so they can return them afterward.
After discovery, forensic accountants collect tangible evidence that links hidden assets with your spouse. They can appear as expert witnesses to testify for you in the courtroom. You can then use their expertise and shared evidence to claim what is rightfully yours and ensure the division of the marital estate is fair and equitable.
Forensic Accounts Conduct and Accurate Asset Valuation
Even if your spouse is honest throughout the legal proceedings, you may need forensic accountants for accurate valuation. These professionals use their knowledge and analytical skills to assess every aspect of the marital estate. This includes onshore and offshore properties, inherited wealth, and other unique assets that may get overlooked during a divorce.
With their efficient evaluation, you will gain a comprehensive picture of your marital estate and its financial value. Find out what is at stake and use that information to a transparent and fair property division strategy.
Doing so can minimize the conflicts and risks of a high net worth divorce.
Contact Kane County High Asset Divorce Lawyers
The importance of forensic accounting in a high asset divorce should not be undermined. You may need a forensic accountant to reach an equitable distribution of marital property by discovering hidden assets and conducting a complex valuation of owned assets. They also provide expert testimony under specific circumstances. Many attorneys work closely with forensic accountants to ensure the financial aspects of the case are compliant with state laws. If you need more advice, contact Kane County high-asset divorce attorneys from Shaw Sanders, P.C. by dialing 630-584-5550 to book a consultation.
Source:
- https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm
- https://www.isba.org/public/guide/gettingadivorce
630-584-5550