Divorce is a difficult process, especially when it comes to dividing assets and debts between couples. In Fairfax, many divorcing couples have complicated assets: retirement accounts, investments, sometimes multiple properties they own or even a business that’s considered marital property. For cases like that, working with a forensic accountant as part of the divorce can be beneficial.
What is a forensic accountant?
First, a forensic accountant is an accountant trained in legal matters. A forensic accountant can calculate how much money will be available for child support or spousal support after divorce. A forensic accountant also can trace any assets that might be hidden or any unknown income streams.
Why use a forensic accountant?
Here are some of the benefits of using a forensic accountant in divorce asset division:
- A forensic accountant can complete a business valuation if you will be separating ownership of a business.
- A forensic accountant can review financial information to see any inconsistencies.
- A forensic accountant can help determine what is marital property and what isn’t.
- A forensic accountant can testify in court or at depositions.
- A forensic accountant can review your spouse’s attorney’s records regarding asset division to see if they line up with his or her evaluation.
Working with a family law attorney to prepare your divorce is always the first step. An attorney can determine best how much your case might benefit from using a forensic accountant.