Financial issues are some of the most difficult disputes to resolve during a divorce. Finical aspects of a couple’s dissolution can be complex and tend to require the most effort and attention of the divorcing spouses. A forensic accountant has a unique set of skills that will prove valuable for couples and their attorneys trying to resolve a marital dispute. Forensic accountants to provide in-depth forensic services that go beyond calculating alimony and child support. The financial stakes are high during a divorce, and hiring a qualified forensic accountant can make a huge difference in the outcome of your divorce settlement.
When Should I Hire a Forensic Accountant?
It is very common for one spouse to assume the responsibility of handling finances during a marriage. Often one spouse is unaware of important information about the couple’s expenses and incoming revenue. When a couple divorces, the spouse in charge of managing the money holds an unfair advantage when negotiating a settlement.
In some cases, the spouse in charge of the finances might use their position to underreport their income, or to limit the amount of alimony or child support they will have to pay. A spouse also might try to conceal assets from one another during their divorce as well.
A forensic accountant can examine and track down financial records and uncover assets that have been hidden or transferred. Forensic accountants have knowledge and experience with financial document analysis, accounting principles, and auditing techniques.
Uncovering Hidden Income & Assets
Finding hidden, transferred, or deferred income is a complicated process, but forensic accountants have several effective ways of finding such income. These techniques include:
- Analyzing the family's lifestyle to determine if the level of reported income is enough to support the family's expenses
- Examining the couple's net worth at two or more points in time to compare if the reported income during the period is consistent with the change in net worth
- Analyzing bank deposits
- Examining personal and business financial statements
The methods used by forensic accountants do not apply to all divorces, and your forensic accountant will develop a customized plan that suits your needs.
At Krusch Law, PLLC, we are committed to helping our clients overcome their divorce disputes and move on to next phase of their life. Our team of Charlotte divorce attorneys will review your case and help you reach a fair settlement with your spouse.
Call (704) 343-8811 to schedule your appointment today.