Divorce is one of those life events you would probably rather not think much about. After all, the end of a marriage often has a way of combining the worst aspects of anger, greed and sadness. How you plan for the dissolution of your marriage, though, probably makes a big difference.
Forensic accountants understand how to investigate financial matters. After you and your soon-to-be-ex make disclosures, a financial accountant researches your financial situation. He or she may also track down assets you or your spouse transferred recently. If something looks funny, you can expect a forensic accountant to bring it to your attention. Here are three signs you may want to hire a forensic accountant for your divorce proceedings:
1. You have many assets
If you are wealthy, knowing exactly what you own may be more challenging than it sounds. Even worse, when there are many assets, hiding wealth is often easier. Because a forensic accountant knows how to follow the money, you get the information you need to negotiate a rational settlement.
2. You have a lot of debt
While forensic accounting is common in high-asset divorces, you may need to hire a forensic accountant for your high-debt divorce. That is, your spouse may not want to pay off marital expenses. Further, you may not even know precisely how much you owe creditors. By working with a forensic accountant, you better understand how to allocate debt during and after your divorce.
3. You do not trust your spouse
Trust is often one of the first things to go in a divorce. If you think your spouse is not being fair, you may need documentation to prove it. A forensic accountant can likely tell you if your partner is transferring assets, selling property, declaring bankruptcy or taking other financial actions that may harm you.
Unfortunately, no two divorces are exactly the same. As such, you likely cannot predict how your spouse intends to treat your assets or debt. If you are looking to add some order to your divorce, though, hiring a forensic accountant may be a good option.