Money is often a source of conflict during divorce proceedings. An accurate accounting of the money made and spent in a marriage is required for the court to settle vital issues like alimony and child support.
The help of a forensic accountant can be invaluable when it comes to solving money-related problems throughout your divorce proceedings.
Ask yourself the following questions to determine if a forensic accountant can help you successfully complete your divorce.
Is Either Spouse Self-Employed?
The employment status of both partners in a marriage can affect the accessibility of financial records. Self-employed individuals can manipulate income and payments to hide financial resources during a divorce.
Obtaining accurate records from self-employed spouses can pose a serious challenge. A forensic accountant has the ability to evaluate the business operations of a self-employed spouse to determine exactly how much money is brought in by that spouse each month.
This information can be used to ensure that child support and alimony payments agreed upon in a divorce are accurate and fair.
Do the Spouses Own a Joint Business?
Many married couples start and operate businesses with one another. In the event of a divorce, these businesses must be split between the spouses. Placing a value on the business can be a challenging task.
A forensic accountant has the knowledge and experience required to complete a non-bias valuation of any business.
This valuation will determine the real value of each spouse's business interests so that the asset can be split fairly between the spouses once the divorce is complete.
Is Marital Lifestyle in Dispute?
Marital lifestyle is something that a court will use when making important decisions that will impact the financial future of divorcing spouses. A divorce shouldn't significantly deter from either spouse's current standard of living.
Marital lifestyle can be challenging to define when one spouse works and one stays home to care for the children.
A forensic accountant can assess the lifestyle that divorcing couples have been living in recent years. A monetary value can be assigned to the contributions each spouse makes to the marriage.
The forensic accountant will use this calculation to determine how much money each spouse should receive in order to maintain a comparable lifestyle once the divorce has been finalized.
A forensic accountant can be a valuable asset when financial issues within a marriage are disputed during divorce proceedings. Talk with your attorney to determine if you could benefit from forensic accounting services during your own divorce.Share