Forensic Accounting & Divorce
Unless the term, “You can't squeeze blood out of stone” applies to both you and your significant other, you just might want to consider bringing a forensic accountant into the fold.
There are many complexities involved in divorce. There are emotions, time invested, hopes and dreams, and loss. Now, some people get divorced and it is for all the right reasons, or they may not experience the many pitfalls and hurt associated with divorce. But many do experience these things. However, once you are able to look past these aspects of divorce you realize that many troubles are only just beginning. Through it all, divorce comes down to one inescapable purpose: dividing property.
For some the process remains uncomplicated, home, vehicles, bank accounts, and credit card bills. These things are fairly basic, and can most times be sorted through by way of standard settlements or court processes. For others, the process becomes much more complicated. Complex financial portfolios are one contributor for seeking the expertise of a forensic accountant. Even in the case of an amicable divorce, these assets may become to taxing to divide without expert help. There may be stock options or restricted stock. Some may be vested and some may not . There are cases of deferred compensation, retirement or insurance plans, assets held in trusts, multiple bank accounts or properties in multiple states or countries. Then there are examples of art, antiques or rare items and collectibles. These are all examples resulting in the need for a forensic accountant.
There are other reasons for the help of a forensic accountant, as well. With the emergence of Bitcoins, some individuals may feel compelled to hide financial truths. These finances
are nearly impossible to track through conventional means. It would take a truly forensic approach to tracking these “hidden” assets. In addition, there are multiple avenues one could take in order to make appear less, what is in reality much more. From offshore accounts to property and finances in the name of another, hidden gems may be in need of uncovering.
Divorce does not always have to be a dirty word, but it is usually accompanied by complications and a degree of complexities. An individual going through this process owes it to themselves to alleviate as much stress as possible, allowing themselves to focus on acceptance and healing. Many have families to attend to. Incorporating the expertise of a forensic accountant in accordance with an experienced divorced lawyer means having the time to tend to what matters most. It means having the ability to focus on what is most important: your health, your family, and you.
References: Forensic Accounting Information
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