How Forensic Accountants Can Help in Divorce Cases

 Posted on June 12, 2024 in Marital Property

When it comes time to divide assets in a divorce, some spouses may resort to tactics such as asset dissipation. Asset dissipation is when one spouse uses marital assets for his or her benefit in an attempt to reduce the assets for division.  For example, a spouse may decide to withdraw large amounts of money from a shared marital account to fund a luxurious vacation and, in the process, decrease marital resources, so there is less money for his or her spouse to receive after the divorce. At other times, spouses will try to hide money or claim that marital money actually only belongs to them.

In divorces involving questions about how a spouse is handling marital money or whether money belongs to both spouses or only one spouse, forensic accounts can be helpful. While hiring a forensic accountant can be costly, these professionals' services may be worth considering. Talk with your lawyer and see if hiring a forensic accountant makes sense for your divorce.

Uncovering the Hidden Financial Truths

One of the primary roles of a forensic accountant is to dig deep into the financial history of both spouses. When asset dissipation is suspected, these professionals thoroughly analyze financial documents such as bank statements, tax returns, and investment portfolios. For instance, a forensic accountant could uncover secret accounts, underreported income, or unexplained financial transfers. In finding such information, forensic accountants ensure all marital assets are accounted for.

Why the Cost of a Forensic Accountant May Be Worth It

While hiring a forensic accountant can cost a lot of money, viewing this as an investment rather than an expense is important. The work forensic accountants do can save you substantial amounts by ensuring fair asset distribution. Without the knowledge of a forensic accountant, you could receive far less than your rightful share, leaving you at a financial disadvantage for years to come. Ultimately, the short-term costs of such services can translate to long-term financial security, making it a worthwhile consideration.

The Critical Role of Your Divorce Attorney

Your divorce lawyer will work with the forensic accountant to ensure the investigation remains focused and productive. Attorneys are skilled at figuring out which financial records are important, which can help save time and money since the forensic accountant will know what to look at. By maintaining a clear line of communication, your attorney ensures the forensic accountants' findings are thorough, which will help strengthen your case.

Forensic Accountants Help Build a Strong Legal Case

A compelling legal strategy often relies on solid evidence, and this is where your forensic accountant will shine brightest. Not only will the forensic accountant gather data and interpret the data in a manner that clarifies important financial questions, but he or she will also prepare detailed reports. These reports can be extremely useful in negotiations or Court proceedings by providing solid facts that your attorney can use to argue in your favor.

Contact Our Barrington, IL Dissipation of Assets Attorney

While forensic accountants come at a cost, the cost of not hiring one and being left with less than your fair share of assets is a substantial reason why so many are encouraged to hire the services of these financial professionals. Contact the Mt. Prospect, IL dissipation of assets lawyer with The Law Office of Nicholas W. Richardson, P.C., and learn more about how a forensic accountant may be able to help you. Call 847.873.6741 for a complimentary consultation.