Many people are tied up in the emotional aspect of divorce. This is understandable given that marriage dissolution often entails the untangling of two lives that have been lived together for a significant period of time. Yet, divorce can also set the financial stage for an individual’s next chapter in life. Therefore, when it comes to dealing with property division and spousal support, a divorcing individual needs to ensure that he or she has a full understanding of the assets and liabilities in play so that he or she can maneuver for that to which he or she is entitled.
This is where forensic accounting comes into play. Forensic accounting is the investigative process utilized by financial professionals to uncover hidden assets. Those who are trained in this field know how to follow paper trails to ensure that no stone is left unturned. While this may mean finding hidden assets, it might also mean obtaining an accurate valuation of a business, retirement account, foreign investment account or real estate that is subject to the property division process.
In today’s high-tech and mobile world, individuals have become craftier in their attempts to protect their financial interests. Sadly, these efforts are often made in bad faith in hopes of cheating another out of something to which they are entitled. A skilled forensic accountant, though, can conduct a thorough investigation that is not only informative in nature, but the results of which are also admissible in court.
There’s a lot to think about when getting divorced, including being cheated out of valuable assets. With the stakes enormously high, those who are going through marriage dissolution shouldn’t leave their financial outcome to chance. Instead, they should consider taking the steps necessary to ensure they have a full accounting so that they can make the legal arguments that further their interests the most.