5 Benefits of Hiring a Forensic Accountant for Your Divorce

Whether you are a business owner or share a significant amount of marital property with your spouse, high-asset divorces can be complex. In order to determine the true value of marital property involved in a divorce, spouses and even attorneys may hire forensic accountants to take a closer look at their finances. 

The following are the five benefits of hiring a forensic accountant for a high-asset divorce: 

  • Help in the discovery process – Discovery involves gathering all financial information. Forensic accountants will work together with attorneys to ensure to file the necessary motions and subpoenas to collect all the right documents and information. 

  • Provide financial transparency – In many marriages, one spouse handles all the finances, which can be a significant disadvantage for the other spouse during a divorce. It is not uncommon for the “money manager” to try to obtain a favorable settlement. A forensic accountant can identify and report all joint assets and liabilities, providing financial transparency to ensure a fair division of property. 

  • Value assets – Forensic accounts have the knowledge, experience, and resources to properly value assets, properties, and even businesses and professional practices to ensure they are fairly divided between the two spouses. 

  • Find hidden assets – It is not uncommon for spouses to hide assets from each other, which is why a forensic accountant can ensure all marital property is accounted for. Forensic accountants can review each party’s tax returns and financial records, investigate each spouse’s spending habits, and identify any discrepancies. 

  • Testify in court – Forensic accountants can also provide expert testimony of their findings in court or in a deposition.  

In conclusion, financial accountants reveal and uncover important financial information that can significantly impact how assets are divided. If you are involved in a high-asset divorce, hiring a forensic accountant can be in your best interest. 

If you are interested in filing for a divorce in Chicago, call the Law Offices of Jonathan Merel, P.C. at (312) 487-2795 or fill out our online contact form today to learn how we can help you. Serving clients throughout Illinois since 2009. 

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