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Do You Need a Forensic Accountant in Your Divorce?

By Janet Langjahr

Has your spouse hidden assets?

Is your spouse’s business doing a lot worse since you started discussing divorce?

Are you completely in the dark about your spouse’s income and assets?

All of these are circumstances in which it may be necessary or advantageous to retain forensic accountants to “follow the money”.

Especially where a stake in a closely held corporation is involved.

Forensic accountants are trained to ferret out diverted assets, hidden money and to uncover mismatches between reported income and lifestyle.

Of course, the specialized training and expertise of forensic accountants comes with a hefty price tag. Therefore, they may not be appropriate in all cases.

One thing to keep in mind is that forensic findings can have tax ramifications for one or both spouses.

The report can also facilitate valuation of the business for purposes of property division.

Read more in this Mondaq article: United States: The Role Of Forensic Accountants In Divorce Engagements.

Full post as published by Florida Divorce - Child Custody - Domestic Abuse Law on February 26, 2010 (boomark / email).