During a divorce, it is not uncommon for one spouse to try and hide assets from the other, including hiding money in bank accounts, transferring property into someone else’s name, or even selling off assets below market value.
If you are going through a divorce and think your spouse might be trying to hide assets, you may want to consider hiring a forensic accountant.
What does a forensic accountant do?
A forensic accountant is a financial investigator who uses their skills in accounting and auditing to uncover fraud and other financial crimes. Law enforcement agencies often hire them to help with criminal investigations. However, they can also work for private companies, helping to resolve disputes in civil cases, including divorces.
A forensic accountant can be invaluable during a high-value divorce to ensure that all assets are accounted for and that the division of assets is fair to both sides. Additionally, forensic accountants can assist in determining the value of businesses or other property owned by one spouse so that the correct values can be used to calculate both the other spouse’s fair share and issues of support.
If you suspect your spouse is hiding assets during a divorce, a forensic accountant can provide assistance in uncovering the truth. They are trained to look for signs of hidden assets, such as unexplained discrepancies in financial records or unusual income and spending patterns. They can also help to trace the whereabouts of missing funds, even those held electronically.
If you are in the middle of a high-asset divorce and believe your spouse is hiding assets, it is crucial to take swift action. Having a forensic accountant as part of your divorce team can ensure you receive what you are entitled to in the financial settlement.