For high-net-worth divorcees, you probably already have a team of financial professionals who have worked on maintaining your marital estate for years (if not decades). These include CPAs, financial advisers, brokers, etc. When you decide to part ways then, it is no wonder that for these same high net worth people, you need a team for your divorce as well. This often includes a forensic accountant, but do all divorces need one?
When couples need one
If the marital estate is relatively small, there will be no child or spousal support and none of the marital estate will need to have appraisals or valuations; then you likely only need a Pensacola, Florida, attorney. However, forensic accountants are needed in a surprising number of divorces.
First, if there are any fears that one (or both) spouses are hiding assets, a forensic accountant can do a financial investigation to track down these hidden assets. They can be used to track down hidden debts as well, like gambling and option losses.
For business owners, a forensic accountant can be key as well. Why? Because it can be difficult to value a business’s current value, including its income, debt and assets. A forensic accountant can sort through the books and get the full financial picture.
If the couple has anything that needs to be appraised, like art, antiques, etc., you may need a forensic accountant. If the couple can agree on one forensic accountant, that one expert’s opinion can be used to help split the marital estate; but if not, the couples may need to hire separate experts to argue in court over their valuations.
What can they do?
As you can likely tell, financial accountants do what accountants normally do. But, in the divorce process, they go a step beyond. First, they can do financial investigations to get the full scope of the marital estate. This is not just vital to the property division process but all the spousal and child support calculation process as well.
They can also act as litigation support with your Pensacola, Florida, attorney. This can be done as an expert witness on the stand, in addition to crafting evidence to help your case.