Studies show 41% of first marriages end in divorce. When the divorce rate grows, the need for forensic accountants rises drastically. Divorce involves the division of assets and in some instances one spouse may try to deceive the other.
The end of a marriage legally will require a divorce. There is a variety of divorce types to select from and choosing the one that will create the least amount of stress is important.
It is ideal to rely on the services of an attorney to be advised about the right divorce and to end the marriage in the shortest amount of time.
Forensic Accountants and Divorce
Relying on forensic accountants when a divorce occurs is a fairly new concept. When either of the spouses tries to hide assets from the other martial party, a forensic accountant is used to help in finding these assets.
Listed below are things the forensic accountant will work to know:
- The precise amount of money in any of the banking accounts prior to the divorce.
- A list of all the investments and brokerage firms associated or owned by a couple before divorce.
- All income of the couple that is obtaining a divorce including passive income and current wages being made.
- Detailed personal information of the children in the marriage, ages and addresses if move outside of the home.
- Any insurance settlements, claims or monetary compensation from an insurance company.
The forensic accountant is responsible for finding out about any assets that were part of the marriage. This will help the spouse that hires the accountant in uncovering any assets that are either party is trying to hide.
Finally, it is important to rely on the expertise of the forensic accounting specialist to avoid losing any money during the divorce. The end of a relationship can be difficult on both parties and it is common for either party to try and get more assets upon a legal dissolution.
Protect your assets during the time of divorce and work to protect what you have worked hard your entire life to earn. While several finance-related occupations may be helpful in a time of divorce, a forensic accountant could be the one you really need.