High-asset divorces often involve complicated financial issues. Issues that high-net-worth couples face when they decide to end their marriage include alimony, child support, and property division. A forensic accountant provides valuable information that helps you and your Austin divorce attorney make important decisions regarding financial matters in your divorce case.
What Is a Forensic Accountant?
A forensic accountant uses investigative skills, auditing, and accounting to analyze and examine the finances of an individual or business. Forensic accounting is much more than reviewing financial records. It requires analytical skills to go beyond what the books and records show to uncover financial transactions and information that a person may be trying to hide.
How Can a Forensic Accountant Help With My Divorce Case?
There are many ways a forensic accountant can assist your Austin divorce attorney in protecting your best interests during a divorce. Ways a forensic accountant assists during a divorce include:
- Identify all property that should be included in marital assets so they can be accurately divided between the spouses.
- Locate misstated and hidden assets that a spouse might try to conceal.
- Correctly value a business interest to ensure that a spouse receives a fair share of the business or other assets equal to their share of the business.
- Analyze financial documents to determine marital fraud, suspicious financial activities, and other financial misconduct.
- Explain the tax implications for a divorce settlement and suggest alternatives to avoid adverse tax consequences.
- Prepare written reports and testify in court.
- Analyze a couple’s cash flow to help determine child support obligations and alimony payments.
A forensic accountant also provides valuable insight during negotiations for a divorce settlement and in a collaborative divorce. The accountant is an impartial expert providing information the parties can use as they work toward a fair settlement.
Do I Need a Forensic Accountant for My Austin Divorce Case?
Not all divorces require the assistance of a forensic accountant. The nature and complexity of the divorce case dictate whether a forensic accountant could be helpful.
However, some situations that indicate you might need to consider hiring a forensic accountant include, but are not limited to:
- A spouse is accused of concealing assets
- Either spouse owns a business
- Suspicions of misuse of marital funds or property
- The marital estate includes complicated assets, including real estate investments, overseas assets, investment/retirement accounts, antiques, collectibles, etc.
- A spouse is self-employed or receives significant income from trusts, dividends, retirement accounts, capital gains, etc.
- Suspicions that a spouse has undervalued assets or falsified financial records
- A spouse is claiming marital assets are separate assets
Even though you may be dealing with a financial situation, you also need guidance from an experienced family law attorney. Your divorce lawyer uses the information provided by the forensic accountant to obtain a divorce settlement that is in your best interest.
Learn More During a Free Consultation With an Experienced Austin Divorce Attorney
At the Law Office of Ben Carrasco, PLLC, we understand the importance of financial matters during a divorce. We work with top-rated forensic accountants and other experts to build a solid case supporting your goals for a divorce settlement. Contact our law firm to schedule a confidential consultation with an experienced Austin divorce lawyer.
