If you are getting a divorce, you know how important it is for both parties to disclose their assets. Knowing about each spouse’s assets comes into play when it comes time to decide a variety of matters. For example, who gets alimony, and how much? Who will pay child support? How will shared assets be divided? Sometimes, one may attempt to keep some assets hidden in an attempt to pay less or receive more. If you believe your spouse is not being truthful about his or her assets, you may want to hire a forensic accountant. Read on for more information regarding forensic accountants and how they can help you during your divorce.
How Can a Forensic Accountant Help Me?
A forensic accountant can determine a party’s true income. This will be done by scrutinizing business records, bank accounts, tax returns, and investment portfolios. In addition to determining net worth, a forensic accountant may also be able to uncover unethical practices. These practices may include creating fake debt, padding payroll, under-reporting income, overpaying creditors, transferring assets to dummy corporations, and purchasing expensive items with undeclared cash. In this case, things can get messy. If a forensic accountant discovers any hidden assets or other fraudulent behavior, he or she will have to report it to the court. The court would then notify the IRS, potentially prompting an investigation. This could create a slew of legal trouble, so it is important to be honest when it comes to disclosing your assets.
But, forensic accountants are useful even when there is no fraud involved. For example, if a couple who owns a business is getting a divorce, a forensic accountant can valuate the worth of the business. Additionally, they can valuate tangible items, such as art, antiques, rare collectibles, and so on.
A forensic accountant may play a crucial role in determining child support and alimony plans. Regardless of whether you believe your spouse is hiding assets, or you simply want to make sure you are covering all your bases, working with a forensic accountant may be a great option when it comes to your divorce.
If you have any questions or concerns about working with a forensic accountant or any other matters of your divorce, reach out to our firm today. We want to make sure that you and your assets are protected, and that your divorce goes as smoothly and quickly as possible.
Contact our Firm
Ross and Calandrillo, LLC is a full-service divorce, family, and real estate law firm located in Mountainside, New Jersey. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC to schedule a consultation.
