If you are going to be going through a high-asset divorce, one good idea is to work with a forensic accountant. A forensic accountant uses accounting, investigative and auditing skills to examine the finances involved in your case. They can help you locate assets and even find assets you didn’t know that you or your spouse had.
They are trained to look at numbers but also to go beyond what’s on paper. While these accountants generally work with fraud or embezzlement cases, they are also extremely helpful when you’re not sure which assets you have or don’t have due to the size of your marital estate.
A forensic accountant will look for things such as:
- Inconsistencies in your financial information
- Personal expenses, so they can qualify them
Your forensic accountant will also:
- Corroborate financial information with nonfinancial information
- Review the work of any other forensic accountants involved in your case
- Provide input while you work through the settlement process
- Help your attorney in preparing document requests, when needed
- Help your attorney prepare interrogatories or depositions about the accounts
Overall, you can see that a forensic accountant can do a lot for your case. They’re trained to follow the money and go beyond that to find hidden or missing assets. They can be a major help, and they can also verify your concerns (or not) based on what they find.
If you are interested in working with a forensic accountant but don’t know who to hire, you may want to talk to your attorney about accountants they’ve worked with in the past. Always look through references and take the time to get to know anyone you’ll be working with during your divorce.