What Is the Role of a Forensic Accountant in a Divorce?

When going through a divorce, your finances will be examined to determine how much of the marital property each spouse is entitled to. However, you may have suspicions that your spouse is hiding assets from you to ensure they can keep them following your divorce. If you have concerns about the property distribution process, you may benefit from working with a forensic accountant. Unsure what these professionals do or how they can help during your divorce? Keep reading to learn more and explore the importance of working with New Jersey high net worth divorce attorneys during this contentious time.

What Does a Forensic Accountant Do?

When you are going through a divorce, especially one that involves many complicated, high-valued assets, working with a forensic accountant can provide invaluable assistance. However, it’s imperative to understand what these individuals actually do.

Forensic accounting involves performing an in-depth examination of the finances of each individual during a divorce in order to ensure the outcome of the divorce is fair. When there are many complex assets, keeping track can become difficult, and as a result, your spouse may hide assets to receive a more favorable outcome as part of the divorce.

Your forensic accountant will begin working during the discovery process of your divorce in which information, including financial details, is exchanged between the parties. They can help analyze the documents to look for inconsistencies and suspicious activity. For example, they may find a secret bank account or second, unreported income from one of the parties. This can help ensure that the other spouse receives a fair outcome.

In addition, they can provide expert testimony to help ensure the outcome of the divorce is fair. Their expertise can have much more impact than the testimony of one of the parties with a vested outcome in the case. Similarly, they can value assets to help ensure the division of marital assets is fair.

If I Work With One, Do I Still Need a Lawyer?

While working with a forensic accountant is incredibly beneficial and can help ensure you get the assets you deserve during your divorce, it’s imperative to understand that they cannot replace an attorney. Your forensic accountant cannot provide legal advice about your divorce, nor can they assist you through the divorce process.

Working with an experienced attorney in conjunction with a forensic accountant can provide many benefits while you navigate your divorce. Financial issues are some of the most impactful during a divorce, as errors can impact your financial future for years following the dissolution of your marriage. As such, working with a forensic accountant to handle the financial complexities of this process and an attorney to help with the legal aspects can help set you up for success following your divorce.

When going through a complicated divorce laden with high-value assets, connecting with the team at Haber Silver Russoniello & Dunn is in your best interest. Our firm understands that going through a divorce is a complicated matter, emotionally, financially, and legally. That’s why we will work to help you through this process to fight for the best possible outcome. Contact us today to learn more about how we can assist you.