Estate planning is often not part of a marriage, and this mistake may cost you a lot when the marriage ends in a divorce. Several legal related issues come to the forefront when you file for divorce, like property distribution, spousal support, child support and so on. If the two parties are incapable of coming to an agreement regarding these, the ground is set for a vicious legal battle.
Forensic accounting professionals may be of help in the quest for unearthing property related information pertaining to a divorce proceeding. What are the issues these professionals handle? The key functions of these accountants are to review financial data, locate hidden assets, analyze the parties’ income and expenditure details, and determine whether a particular asset is separate or marital property.
What methods do the professionals utilize for this? forensic accounting divorce requires the use of a number of methods to find out the details necessary for the legal proceeding. Here are a few points to understand this.
- Computing the reported income with the expenditure helps in locating hidden assets
- Reviewing the documents helps to differentiate between separate and marital property
- Analyzing bank account details helps in determining underreporting of income
If you are unaware of the assets of the family, or do not know the financial details, and are suspicious that your spouse is not being truthful in these matters, it is better to get a forensic accountant to find out the facts.