If you are in the process of getting a divorce, then you may not be on the best terms with your spouse. If this is the case, then you may not be able to work through the specifics when it comes to separating assets. These assets surely include finances and may involve the splitting of investment accounts, retirements accounts, and basic bank accounts. However, before this occurs, it may be wise to hire a forensic accountant. Keep reading to understand what this professional does and when you may need one.
What Is A Forensic Accountant?
When you hear the word forensics, you may think of CSI or a police department gathering evidence of a crime. Generally speaking, forensics refers to the court system and evidence that is gathered in conjunction with a lawsuit or a legal proceeding. It does not have to involve the police, and sometimes an attorney will hire a forensics expert, even if evidence gathering has nothing to do with a criminal court case. In other words, forensics are often used to advance a civil case.
A forensic accountant is a professional who investigates the financial records of an individual. This person may also be the one who comes up with the monetary damages for a specific case or who figure out the appropriate amount of alimony or child support that should be awarded based on a variety of factors. The accountant is often used to investigate tax fraud as well, and the person may be needed in cases where one person feels as though their business partner or spouse is hiding money or engaging in some sort of financial crime.
Forensic accountants have different specialties and are often hired based on the specialty and the types of case that is presented to the court. Analysis, electronic investigation, reporting, and paper data collection are all specialties.
When Is a Forensic Accountant Needed During Divorce?
It is not odd for an attorney to use the services of a forensic accountant during a divorce, especially if it appears as though the financial holdings are vast and complicated. Also, when one spouse is responsible for finances, the other spouse may be unfamiliar with accounts and debts.
Some spouses will also hide money and refuse to disclose financial holdings, and a financial accountant can locate these things through both data collection and analysis. In many cases, the transfer and hiding of assets are considered fraud, especially if one person refuses to acknowledge the assets. Discovering this fraud and showing a history of such behavior can be quite important when it comes to separating assets.
For more information, contact a company like IDS Research and Development, Inc.