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How does a forensic accountant help in high asset divorce?

On Behalf of | Apr 3, 2017 | High Asset Divorce, NONE

Divorce is complicated and frustrating under the best of circumstances. If you and your former spouse are having difficulty agreeing to a fair division of assets or custody arrangements, it can be a very difficult process.

The greater your overall assets, the more likely it is that your former spouse could try to hide assets. Doing so is a way to create an uneven and unfair split when the divorce is finalized. After all, the ccourts can only rule on assets they are aware of at the time.

Many times, in lieu of offshore accounts which are much easier to track these days, people will hide assets in plain site. By purchasing expensive and valuable, but unusual items, your former spouse could effectively hide thousands or even millions of dollars. The best way to ensure this doesn’t happen to you is to work with an attorney who has experience in high asset divorces. He or she can track down assets by using the help of a forensic accountant. A forensic accountant can help determine what unusual purchases or investments have been made during the course of your marriage.

You have to locate assets to receive a portion of their value

A forensic accountant can determine if your former spouse has been purchasing fine art, expensive vehicles or even classic comic books as a means of hiding some assets. Once you’ve determined what your spouse bought, when and for how much, your attorney can help you connect with a professional who can provide a written estimate of these items’ current market value.

From real estate appraisers to experts in antique china, these experts can help you put a clear and verifiable value on unusual or hidden assets. This, in turn, will help ensure a fair and equitable division of marital property.

California is a community property or marital asset state. That means that regardless of who made what during a marriage, those assets are to be evenly split between both spouses in the event of a divorce. Sometimes, people who plan to divorce will hide assets in unusual ways to try to avoid paying the other spouse a fair settlement amount. The greater the overall assets, the greater the temptation to do something unscrupulous.

Your attorney will help you obtain a fair divorce

When one person tries to manipulate the system to get a better divorce outcome, the result can be unfair. That’s why it’s so important to retain the services of an experienced California divorce attorney who understands high asset divorces. Don’t try to handle this on your own and end up losing out!