If you are preparing for a high-asset divorce, various stressors lie ahead. Parents often face challenges related to parenting time, while high net worth divorces often bring up concerns over the division of marital property. However, child support and alimony are especially contentious topics, whether you expect to receive payments or will soon have to make payments. For many people who are counting on spousal support or child support payments, turning to a forensic accountant is a smart move.
Preparation is critical when it comes to the divorce process, especially if significant assets are involved. With the support of a forensic accountant, many people find themselves in a better position to protect their financial well-being.
Forensic accounts and an ex’s financial obligations
Forensic accountants often provide people with crucial information that ensures they receive a fair amount of child support or alimony. For example, some people split up with a wealthy spouse who has a hidden stream of income or secret assets. By withholding this information and failing to inform the court and one’s former spouse of their income and assets, some people get away with making lower child support and alimony payments. This is very unfortunate when recipients find themselves facing financial hardships because of their former spouse’s deception.
Forensic accounting, divorce and uncovering assets
Forensic accountants use a number of strategies to uncover hidden assets. For example, reviewing relevant documents, investigating off-shore financial accounts and performing business valuations are some of the ways in which forensic accountants help ensure that people receive the amount of child support and alimony that they deserve.