Divorce is a complex process, especially when it comes to untangling the financial aspects of a marriage. As such, transparency about assets is critical to ensure a fair settlement. The decisions made during divorce proceedings can have lasting effects. One decision that often arises is whether or not to hire a forensic accountant. From uncovering hidden bank accounts to revealing the dissipation of assets, a forensic account’s work can significantly impact the outcome of your divorce. Please continue reading to learn how these qualified experts and our determined Monmouth County Divorce & Separation Attorneys can help you navigate the financial complexities of divorce proceedings.
Do I Need a Forensic Accountant for My NJ Divorce?
If you are seeking a divorce, it’s important to understand that you may not require a forensic accountant. However, their expertise can be particularly valuable for divorcing couples in certain situations, such as in a high-net-worth divorce. Forensic accountants will use their skills to investigate financial matters, finding discrepancies and uncovering potential fraud.
The primary purpose of a forensic account during a divorce is to ensure full financial disclosure from both spouses. Before an estate can be divided fairly, property must be identified, characterized, and valued. They can help adequately value your assets by conducting an appraisal and unmask hidden or misstated assets. Forensic accountants can also trace the use of marital funds if a party is worried that the other has wastefully dissipated marital assets. Ultimately, they can promote equity in asset division.
A forensic accountant can help uncover any unethical practices your spouse may have engaged in such as hiding assets, creating fake debts, padding their payroll, underreporting their income, or doing something unethical to influence spousal support, child support, or property division determinations. They can act as an expert witness, testifying to their findings. During proceedings, you will be faced with decisions that can impact your financial future. Certain decisions have tax implications. A forensic accountant will examine the various tax ramifications of settlement arrangements and suggest alternatives that can provide a favorable outcome for both parties.
Should I Consult an Attorney?
When you are considering whether you need to enlist the help of a forensic accountant for your divorce, you should keep in mind that the guidance and counsel of an experienced attorney are essential. Even if your financial situation doesn’t warrant the use of forensic accounting, having an attorney on your side can make all the difference as they can help you navigate this complex process. These professionals offer invaluable support by enhancing fairness, reducing litigation time, and ensuring informed decision-making throughout divorce proceedings.
At Paone Zaleski & Murphy, we are prepared to assess your case and determine if a forensic accountant is necessary. If required, we will recommend a qualified expert who can help ensure a fair settlement. Connect with our firm today to learn how we can protect your rights and interests.
