Many individuals going through a divorce often experience issues when it comes to the division of financial assets. During a divorce, marital property such as assets and debts are divided between the two parties. While an attorney can assist in negotiating the division of assets, a forensic accountant may be instrumental in assisting in complicated financial situations.
Oftentimes, a divorce attorney will utilize the expertise of a forensic accountant in complex or problematic financial situation. The forensic accountant will assist in exposing the information essential to receiving the proper spousal support, child support, or assets needed to maintain an adequate lifestyle.
Commonly, forensic accountants are used in high-asset divorces. However, anyone can benefit from using a forensic account, especially those who share a business with a spouse, have stock options or have any other complex financial situation. A forensic account can also review retirement funds and insurance policies. A forensic accountant will:
• Search for unknown assets;
• Evaluate discrepancies;
• Determine personal expenses;
• Account for any and all valuables
• Appraise assets or properties
• Provide an assessment of any long-term financial impact
• Review tax returns
• Analyze bank account and credit card statements/transactions
• Assess property deeds
• Examine investments and stocks, among others.
If a forensic accountant finds unexplained transactions or conduct, he or she will document, analyze, and investigate the situation. If a party fails to properly report his or her assets to the court, it may have a substantial impact on the way the marital assets are divided. Furthermore, in order to fairly determine a settlement, a judge must be aware of all of the assets that the parties acquired during the duration of a marriage. It is important to speak with an experienced divorce attorney who can assist you with any complex financial issues that may arise. The attorney will then advise you on whether a forensic accountant may be beneficial to your situation.
The lawyers at Larry McCord & Associates, LLC have experience representing spouses in all aspects of matrimonial and family law litigation. The complexities in divorce and custody cases can be overwhelming and emotional. Contact Larry McCord and Associates, LLC at (631) 643-3084 to put an experienced Long Island divorce lawyer on your side.