Do you need a forensic accountant on your divorce team?

There are many elements of divorce that deserve your attention, including the division of assets and debts. Your goal, just the same as your partner, is to receive as much money as possible while minimizing the amount of debt you are stuck with.

Couples with a complex financial situation often run into challenges along the way. In some cases, this means that the divorce process will drag on for many months (or longer).

Unfortunately, there are times when one spouse or the other uses tricks to their advantage. They want to get more than what they deserve, so they resort to deceptive practices.

While you may think you are sharp enough to catch this, it doesn’t always work out this way. This is why you should consider the benefits of adding a forensic accountant to your team. This person can search for and uncover unethical practices, including but not limited to:

  • Underreporting income
  • Payroll padding
  • Creating fake debt
  • Overpaying creditors
  • Transferring assets to “dummy” companies
  • Purchasing luxury items with excess cash

If your former partner uses one of these strategies, if you don’t catch him or her, it could work against you when assets and debts are divided.

Not every divorce calls for the assistance of a forensic accountant, but there are some that do. It is better to be safe than sorry as you are taking on this life altering event. You want to make sure all your bases are covered, ensuring that nothing gets in the way of you getting a fair shake when your day in court arrives.

Source: Forbes, “Why A Forensic Accountant Belongs On Your Divorce Team,” Jeff Landers, accessed Jan. 12, 2016

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