Whether one spouse owns a business or a couple shares a significant amount of assets, when a divorce involves a complex financial situation, many couples hire a forensic accountant to uncover marital assets and provide expert testimony at hearings. This type of accountant gathers each spouse’s financial information (e.g. pay stubs, bank statements, credit card statements, tax returns, stock options, business contracts, etc.) and uses their calculations to make decisions regarding property division, alimony, and child support.
The following are several ways forensic accountants are used in divorce:
Review the financial information of each party
Uncover hidden assets/income, especially if one of the spouses handles all the couple’s finances.
Find inconsistencies when comparing financial information to important documents
Conduct a business valuation
Calculate the cash flow to determine support payments
Perform an inventory on all valuables
Trace separate property
Appraise assets and properties
Testify at dispositions or at court
In most cases, each party hires their own forensic accountant to their legal team. The forensic accountants will meet with the attorneys from each side to engage in settlement negotiations, which can take months or years, depending on the circumstances of the case and the size of the estate. If a settlement is not reached, then forensic accountants may provide expert opinions at trial.
If you believe your spouse is hiding assets from you or you are involved in a high asset divorce in Lawrenceville or Gwinnett County, GA, contact Daniels & Taylor, P.C. today at (770) 285-1673 to let our divorce attorneys determine if you need to hire a forensic accountant for your case.