Divorce in legal terms is mainly about the division of assets, and although it maybe be simple in theory, the reality of a high asset divorce with complex financial portfolios is anything but straightforward.
Because of this complexity, small aspects of wording in documentation can cause enough damage to create financial havoc years down the line. Therefore, it’s extremely important that you look into the option of hiring a financial sub specialist as part of your team.
If your case goes to court, it’s particularly important to have a forensic accountant that can testify for you about specific financial issues. They can even be cross-examined by the opposing counsel to provide expert accounts of the situation.
Uncovering unethical practices
It is very common in high asset divorces for a party to delay the disclosure of financial documents, and for the documents, when finally released, to be highly flawed in the attempt to hide the extent of the party’s assets. Underhanded tactics such as this can be difficult to prove, but with the expertise of a forensic accountant, an expert analysis can be made.
Forensic accountants have the expertise to be able to bring attention to practices such as underreporting income, the transferring of assets to fake businesses, overpaying creditors and the purchase of expensive items to try and hide the extent of cash assets.
Configure an unbeatable team
If you are going through a high asset divorce, it is extremely important to put a lot of thought into the team that you configure. It is vital to seek out legal and financial guidance that can help you to put together a successful divorce team.
Source: Findlaw, “Why a forensic accountant belongs on your divorce team,” accessed July 21, 2017