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.