Forensic Accountants In High Net worth Divorces Can Prove Useful
Couples who divorce may find it difficult and stressful, but it can be even harder for those who have a high net worth. When there are numerous assets and accounts a divorce can become very complicated. Identifying and valuing the financial aspects of a couple’s portfolio are essential to a successful dissolution of marriage. If you fall into this category, the use of forensic accountants in high net worth divorces may be a consideration for you.
Ensuring an Equitable Divorce Distribution
Finances are a major concern for those who are ending their marriages. Sometimes a couple realizes that they are heading towards a possible divorce well before anyone files a petition in court. One party may begin putting money away or hiding funds from the other in an attempt to keep from sharing money with an equitable divorce distribution. One of the best ways to find these types of activities is with help from a forensic accountant.
Finding Assets That May Be Hidden
A forensic accountant knows how to examine financial records to determine assets. One of the common concerns when divorcing is the possibility there could be hidden assets. Forensic accountants are able to flush out and find these assets, sometimes regardless of how well hidden they may appear to others. They are also able to flush out questionable transactions so they can be further evaluated.
Resolving Disputes over Finances and Assets
Couples with a high net worth have a lot at stake during a divorce. Both parties want to ensure that they leave the marriage with the finances they are entitled to. Unfortunately, there are often disputes over finances and assets in a divorce. Parties may begin to distrust each other or may be unaware of some of the financial transactions that have taken place. For these reasons, a forensic accountant is useful in making sure that both spouses have fully disclosed all of their finances.
Complicated Finances Can Lead to a Difficult Divorce
A marriage where there are a large number of assets and property can make the divorce process more complicated. These complications can lead to a difficult and lengthy divorce. A forensic accountant may be necessary to sort out all of the various accounts, investments, pensions, savings, and assets that belong to both parties. An accountant is not necessary in every situation; however, it may be a necessity in certain circumstances. Your divorce attorney will review your case and advise you if you need to seek assistance from a forensic accountant.
If you are going through a high net worth divorce, call the experienced legal team at Udall Shumway PLC to schedule a consultation.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding Forensic Accountants In High Net Worth Divorces, or other family law issues, please feel free to contact Lindsay A.M. Olivarez at 480.461.5300, log on to udallshumway.com, or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.