Here’s Why You Need a Forensic Accountant to Deal with Your Divorce Investments
Divorce: It’s that dreaded word that no one wants to hear, yet half of marriages today will experience it. Not only does divorce bring with it the emotional heartache and stress, but it comes with the overwhelming job of dividing up all assets between you and your spouse. This division of property can become especially complicated when you and your spouse shared investments. These can include your home, vacation properties, real estate, businesses or corporations, stocks, bonds, retirement plans, and any other financial investments you and your spouse made during the course of the marriage.
It will be up to you and your divorce attorney to deal with how to ultimately divide these assets between you and your spouse. Of course, everyone could only hope for an amicable divorce where both parties cooperate and agree to split everything evenly and without argument, but sadly, this cannot always be the case. When it comes to investments, these are more substantial assets that need to be addressed, so when one spouse is not being truthful with the information they provide regarding these investments, things can become extremely difficult.
The solution? Your attorney should consider partnering with a forensic accountant during your divorce if there is ever any suspicion that your spouse is not fully reporting accurate financial information or is purposefully withholding pertinent details. A forensic accountant is trained to know what to look for in these situations and has the experience to be able to spot discrepancies, missing, or inaccurate information.
Forbes writer Jeff Landers explains in his article “Why A Forensic Accountant Belongs On Your Divorce Team” that a forensic accountant can uncover issues pertaining to “padding payroll, underreporting income, overpaying creditors, creating fake debt, and transferring assets to dummy corporations.” He goes on to report that because of their experience in this field, they can also save the client time and money by being able to reveal these attempts to defraud during the divorce which may otherwise have taken a much more extensive period of time to not only recognize but resolve.
Whatever your situation may be, if you find yourself in the midst of a divorce where you suspect your spouse is being deceptive and hiding financial investments you both share, you’ll need the help of an attorney who knows how to handle these difficult situations and can also recommend the proper forensic accountant to review your case. Give the law offices of Nottage and Ward a call today at (312) 332-2915 and learn more about how we can help ensure you receive the shares you are owed on your financial investments.
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