Each divorce case is different, and therefore each case may require different tools and resources to achieve specific goals. However, you may not even be aware of certain resources that may significantly improve your chances of receiving the rulings that you deserve regarding many different issues, such as child support, spousal support, and the equitable division of marital property. One such resource that can be extremely helpful in divorces with complicated financial issues is the assistance of a forensic accountant.
Helping Divide Complex Portfolios
Dividing property can be hard enough for couples who simply have a home, two cars, personal belongings, checking accounts, and credit card debts. As you can imagine, such property division may become substantially more difficult for a couple who has a complex financial portfolio. Some assets that may be more difficult to divide include:
- Restricted stock or stock options;
- Closely held businesses;
- Professional practices;
- Retirement accounts;
- Various types of trust accounts;
- Life insurance plans;
- Properties in different states or countries;
- Accounts in different states or countries; and
- Valuable art, antique, or jewelry collections.
In some cases, a spouse will present complicated financial records that may be quite disorganized and may take time for an attorney to sift through, therefore driving up attorney’s fees. A forensic accountant will have a better ability to analyze complex financial statements, organize appraisals and valuations, and testify to the state of the couple’s overall financial affairs.
Helping to Identify Hidden Assets
In some cases, a spouse may unfortunately try to hide assets in order to avoid making them subject to division. Some ways spouses may attempt to hide assets include the following:
- Opening secret or off-shore accounts
- Changing accounts to the name of a friend, family member, child, or other party so the assets are not attributed to the spouse
- Voluntarily delaying commissions or paychecks until after the divorce is final
- Secretly making large purchases for gifts (that will be returned after the divorce)
- Dumping money into a business or other venture and then increasing expenses
If you have any suspicions that your spouse may be attempting to hide assets, a forensic accountant can review all of your accounts and identify any suspicious changes or inconsistencies that may expose the hiding of assets or other marital property that should be rightfully and equitably divided. Even if the funds cannot be exactly located, an accountant can testify to the inconsistencies and other red flags to demonstrate to the court that your spouse may be unlawfully hiding assets.
Forensic accountants are only one type of professional that can help in your divorce case. An experienced divorce attorney can evaluate all of the circumstances of your case and can identify any resources or professionals that may help you receive a more favorable result. Boca Raton divorce lawyer Alan R. Burton has experience in both relatively simple divorces with little property, as well as complex divorce cases with high assets at issue. No matter what type of divorce you are facing, do not hesitate to call our office for assistance today.