Information about working with a forensic accountant
While all divorces present challenges, if you come from a wealthy partnership you might have special concerns. Some risks include becoming embroiled in protracted litigation and the possibility of dealing with hidden assets.
In some cases, it might make sense to work with a forensic accountant.
What does a forensic accountant do?
According to information from the American Bar Association, a forensic accountant specializes in clearing up complicated financial information for businesses, government agencies and individuals. The services of a forensic accountant often occur become desirable when a financial argument needs support in a court of law, such as during a high-asset divorce.
Using a precise process and a systematic investigation of data, these individuals look to clarify certain financial maneuvering. They often have a background as a CPA or hold other important financial experience. They provide assistance when an entity or individual suspects fraudulent activity, though they also can work to deter fraud before it occurs.
Should you hire a forensic accountant?
Many factors come into play when considering using the services of a forensic accountant. The cost of the services could run as high as $20,000 depending upon the details of your divorce. In some cases, the findings could result in added assets awarded to you, making the costs worthwhile. For best results, the accountant should come early in the divorce proceedings to assist in discovery and provide expertise on financial matters.
A forensic accountant works to analyze data and support an expert opinion with facts, not necessarily to advocate for a client. If you feel hidden financial information supports your position, you might benefit from working with a forensic accountant during a divorce.