Aside from child custody issues, financial issues are the most hotly disputed between divorcing couples. Financial aspects of marital disputes are often complex and require unique skills and knowledge. Attorneys will often rely on the expertise of accountants to assist with general financial issues related to divorce but for more in-depth financial issues that exceed the basic calculations of child support and spousal support a forensic accountant may be brought in
The Role of Forensic Accountants in Divorce Engagements
Typically in a marriage, one spouse has the responsibility to manage the income, pay bills, manage investments etc. This leaves the person who does not manage the money at a disadvantage because he or she is not fully aware of the household’s financial position and the money manager spouse may utilize his or her knowledge to get a more favorable settlement. In some cases, the money managing spouse may even be accused of fraud if he or she fails to disclose all pertinent information during a divorce settlement.
Through a close inspection of financial records, a forensic accountant may be able to uncover hidden or transferred assets or income that may directly impact the terms of a settlement.
Who should hire a forensic accountant
A forensic accountant is a good idea and should be considered where one spouse may be suspected in hiding income or assets or when it is the only way to get financial information. With wealthier couples, having someone who is qualified and experienced in document analysis, accounting principles, and auditing techniques, is very beneficial when there is a closely held business or high earnings in the marriage for which you need to account.
It is important to note that while unreported income may be beneficial to the dependent spouse, it may also carry with it undesirable tax implications. A cost-benefit analysis should be considered before utilizing forensic accounting services.
Does your attorney utilize the invaluable resources that forensic accountants provide?
Call Ronald L. Kossack, an Arizona Family Law Attorney
The law offices of Ronald L. Kossack understands that each divorce presents its own unique challenges and we understand and utilize the experts that provide the best outcomes for our clients. Call us today at 480-345-2652 for your free initial consultation to discuss how we can be of assistance to you. Or you can contact us online by filling out our contact form.