High Asset Divorce: What Is a Forensic Accountant
It probably is no surprise that all divorces are different. Some can be straight-forward and relatively simple; others may involve children and complex issues. High-asset divorces, for example, generally involve significant financial resources. This means that at least financially, there is a lot at stake. In a high-asset divorce, a forensic accountant can be of great value. What exactly is a forensic accountant, what do they do, and how do they help make a divorce more financially transparent?
What is a Forensic Accountant?
We’ve all seen the criminal shows on television and how forensics help solve crimes. A single strand of hair, drop of blood, or shoe print can eventually lead to more evidence and help eventually solve a crime. Forensic accounting is similar in that it looks at the financial situation of a company or couple to determine sources of income, uncover assets, and discover where the money has gone.
A forensic accountant usually has a combination of skills that include accounting, auditing, and investigative talents. They ultimately “follow the money” to identify an assortment of valuable assets that stakeholders should all be aware of. It is easy to understand how and why a forensic account can be so valuable in a high-asset divorce.
Assets a Forensic Accountant Can Uncover
A forensic account is skilled at identifying, locating, and valuating financial assets. In a high-value divorce situation, these assets can include:
- Real Estate
- Retirement Plans
- Marital Assets
- Insurance Policies
- Savings Accounts
- Art, Antiques and other Collectibles
In some cases, hidden assets may be challenging to uncover and may even be intentionally made to be difficult to uncover.
Why a Forensic Account Can Be So Valuable
A forensic accountant can uncover financial assets that provide a clearer picture of the financial worth of a divorce. In high-asset divorce situations, there is a lot at stake. Discovering the true financial picture in a high-value divorce is critical in determining issues like the division of marital assets, spousal support, and child support.
Not only can a forensic accountant find and value assets, they can also serve as an expert witness in a case where those assets may be questioned. They can also help determine if expenditures have been reckless or irresponsible. A forensic account can be of particular value in a high-asset divorce situation where one party has been dominant in making financial and investment decisions.
In any divorce, finding professional representation is important. That importance is elevated when a high-asset divorce is involved.
We are experienced in high-asset divorce cases and have access to professionals that can help facilitate your case. If you are involved in a high-asset divorce that can benefit from the assistance of a forensic accountant, we invite you to reach out to us.
If you have questions about a prenup agreement or a postnup agreement or require legal assistance in other areas of Family Law such as high asset divorce you may always contact Damien McKinney of The McKinney Law Group to discuss your case further. He can be reached by phone at 813-428-3400 or by e-mail at [email protected].
We now offer virtual prenuptial agreements. Contact us to inquire further about our virtual prenup option.