For most couples, going through a divorce is as much of a financial issue as it is emotional. Unfortunately, some individuals may attempt to hide or misrepresent their assets to receive a more favorable outcome during this process. In other instances, the complexity of an estate can make it difficult to accurately calculate certain assets. However, you shouldn’t have to suffer. Working with a forensic accountant can help you ensure you recover the assets you are entitled to during this process. The following blog explores what these professionals do and when you may need to work with one in conjunction with a Long Island property division lawyer if you are going through a divorce.
What Does a Forensic Accountant Do?
A forensic accountant uses investigative measures to help uncover and audit financial information during legal matters, like civil or criminal cases. They can examine the financial records of the parties involved in a legal dispute to look for discrepancies or suspicious transactions. Additionally, they can help calculate the value of certain assets that may be complicated, like businesses, intellectual property, collections, and even cryptocurrency.
You’ll also find that a forensic account can help you determine the support payments the recipient party should receive. This includes both child support and alimony payments. By examining the income of each party, a forensic accountant can help ensure that the payments are accurate and fair.
Finally, you’ll find that a forensic accountant can act as an expert witness during legal matters. Essentially, this means because of their experience and training, they can use their knowledge on this subject to explain concepts to the court and answer questions about a case.
When Might I Need the Assistance of One?
Generally, working with a forensic accountant may be in your best interest if you are going through a particularly high net worth divorce, as there are likely many complicated assets. For example, you may own many businesses that must all be accurately valued to ensure you and your spouse receive fair shares of the assets.
You may also want to consider working with a forensic accountant if you have reason to believe your spouse is hiding assets to receive a better outcome during the divorce. For example, if you believe they are underreporting their income, making up fake debts, or they’ve intentionally transferred assets to friends and family to hold for the duration of your divorce, working with a forensic accountant can help uncover these unethical actions to ensure you can recover the funds you deserve.
When you are going through a divorce in New York, it’s imperative to ensure your finances are protected during this process. At the Law Offices of Jay D. Raxenberg, P.C., our firm will do everything possible to ensure your assets are shielded during this process. We understand how complicated these matters can be, which is why our firm is committed to doing everything possible to help you through this process, including working with a forensic accountant to ensure your estate is handled properly. Contact our firm today to discuss these matters in further detail.
