Would You Benefit from Using a Forensic Accountant for Your New York Divorce?
Divorces can be long, drawn out, and marked by deceit, especially when a couple’s finances are complex. When anger, hurt feelings, or fear of future financial instability are running high during a split, some spouses may attempt to divert or conceal assets that should be divided equally during a divorce proceeding. If you believe that your spouse may be attempting to deceive the judge during your divorce proceeding by concealing assets or simply stealing funds, you may benefit from hiring a forensic accountant to be a member of your divorce team. Read on to learn how a forensic accountant could benefit you, and contact a knowledgeable Poughkeepsie divorce attorney for more information.
What do forensic accountants do?
In the context of a divorce, forensic accountants specialize in reviewing financial disclosures to determine whether they present an honest portrayal of the finances of your spouse. The accountant will compare these disclosures with the spouse’s payroll documents, tax returns, account statements and other financial records to assess whether the financial disclosures they provided were accurate by determining whether the information is complete, and what information is missing.
How a forensic accountant can help you uncover fraud or missing assets
Tasks that a forensic accountant can do during your New York divorce include providing a valuation of the assets that you and your spouse own, so that the judge can fairly divide these assets. A forensic accountant can also assess which financial statements and documents your attorney should request of your former spouse during the discovery phase of your trial. The accountant can also compute the value of your spouse’s small business or the valuation of their professional practice if they’re a doctor or lawyer.
Critically, your lawyer can help you uncover hidden assets. Spouses often transfer assets to separate business accounts, foreign accounts, or even friends or family members in an effort to make the assets appear to be separate and not subject to division during the divorce. Business owners will also hide assets by padding their company’s payroll, inflating business expenses, or exaggerating the business’ losses.
If you are planning to file for divorce in New York, contact the experienced and professional Poughkeepsie family law attorneys at Van DeWater & Van DeWater for a consultation on your case at 845-452-5900. We handle all aspects of asset valuation and division, including working closely with forensic accountants as needed.