Divorce can be complicated, especially when it comes to the process of property division. A forensic accountant can play an instrumental role in valuing property, so it can be properly divided between spouses. Moreover, a forensic accountant’s analysis of certain documents may also help guide the court’s decisions regarding spousal support and child support payments. Continue reading to learn more about a forensic accountant’s role.
Forensic Accountants and Divorce
If you are going through a particularly complicated divorce or suspect your spouse is hiding assets, your family law attorney may work with a forensic accountant to better resolve these matters. Your bank records, tax records, and other financial documents may all be reviewed to uncover potentially hidden assets or inaccuracies and inconsistencies.
A forensic accountant may also assist with the discovery process, during which financial information will be collected through subpoenas and motions. Your attorney will work with the forensic accountant to prepare interrogatories, which can ultimately uncover essential information for the trial.
As we noted earlier, a forensic accountant can also value a couple’s assets, including the following:
- Monthly cash flow
- Professional practices and businesses
- Personal expenses versus separate business expenses to ensure the business is accurately valued
A forensic accountant can also help determine the difference between separate property and marital property. Even if your case never goes to trial, a forensic accountant can still be beneficial for your case and provide advice regarding the tax consequences you may face as a result of dividing marital assets. Understanding these implications can help you better prepare for the future.
Get Started and Speak to an Experienced Divorce Attorney About Your Case Today!
If you are having marital problems and decided that you can no longer make it work, the family law team at Patricia Barberis, A Law Corporation can assist you. With more than six decades of combined legal experience on our side, you can feel confident in our law firm’s ability to assist you. Our firm has been serving the South Bay area since 1977 and would be honored to guide you through your divorce.
Reach out to our law firm today at (310) 904-6648 to request a case evaluation with a member of our team to learn more about what we can do to help you.