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When going through a divorce with high-value property and assets, both parties must provide complete and accurate information about their financial affairs. However, this can prove difficult without having trained professionals in your corner.
If you are divorcing your spouse and want to ensure your assets and interests are being protected, a dedicated high-asset divorce attorney can help. Our team could provide information about the benefits of forensic accountants in Hamilton County high-asset divorces. A skilled representative could also help you find a trusted professional to verify that the other party presents their full financial affairs.
Although forensic accountants can hold a broad range of roles, in Hamilton County high-asset divorce cases, the role of a forensic accountant is to provide objective and accurate information about the finances and property of both parties. These professionals accurately assess the value of each party’s assets, liabilities, income, and expenses.
The accountants then help a divorcing party and their attorney devise a settlement proposal or claim for spousal support in court. Notably, this can also be useful for dividing marital property.
Because the court has to have evidence of each party’s financial circumstances, a forensic accountant can give objective information about what is really happening with the couple’s financial and property concerns. Additionally, all accountants are held to a very high standard of professionalism, so they must provide objective facts on behalf of each party they are examining. This means the quality of the evidence they give is more objective than the quality of evidence a divorcing spouse would give.
There is no way to search a person’s financial records in one step like law enforcement can for a criminal record. Instead, financial records must be investigated and analyzed by professionals trained in the field. However, there are federal laws that govern the disclosure of financial information.
One concern that sometimes comes up in high-value divorce cases is a spouse who does not provide full disclosure. The party might provide some information, but it is difficult to tell if it was complete information without a professional’s assistance. Fortunately, with a lawyer and a forensic accountant working on an individual’s behalf, the other party’s information can be checked and verified.
A local lawyer might request copies of the back of checks that are clear and legible from the other party. The reason for this is when someone writes a check to another bank, the receiving bank will stamp the individual’s information on the back of the check, which often has the account number of where the money is going. If it is an unfamiliar account to one party, the legal representative can subpoena the institution.
In high-asset divorces, parties often have multiple bank and investment accounts, making the dissolution process much more complicated. Money often comes from investment accounts, bank accounts, and much more. This leaves the forensic accountant and legal representative to determine if each of those accounts is joint or separate on top of the standard process.
A primary benefit of hiring a forensic accountant in a high-asset divorce is to ensure that both parties provide objective, accurate information and refute any inaccurate statements about the other party’s financial affairs. If you are considering divorcing your spouse, an experienced attorney can provide guidance through the process.
Our team can also help you retain a forensic accountant familiar with Hamilton County high-asset divorces to protect your assets. Call the office today to discuss your case. Our team is standing by.