Divorce is never a pleasant process – it involves a lot of emotion and a struggle to reach compromises. Many times, these heightened emotions and an increased stress level can lead to disagreements and mistrust when it comes to the family’s finances.
Often times during a divorce process, there is a spouse who is less-aware of the family’s financial situation than the other one. In these types of cases, it can be easy for the dominant spouse to manipulate the finances in a way that benefits him or herself to the detriment of the other spouse. It can be hard to know exactly what finances are available to be split during the divorce.
Divorce attorneys are increasingly relying on forensic accountants to help obtain a reasonable and accurate value of money coming in and going out of the household. Forensic accountants, typically CPAs, are able to use their expertise to investigate into the standard of living the family has, and to determine the disposable income and any hidden assets that a spouse may have. Forensic accountants can also differentiate between separate property and marital property that should be divided during the divorce.
Often times, a spouse that owns a closely-held business can attempt to defer income or hide assets away in the business, and a forensic accountant can evaluate the business to uncover any potential fraud in order to make the separation fair.
Depending on the situation, forensic accountants can be covered by the attorney-client privilege that exists between the attorney and their client, though this is not always the case. If you think you are in a situation where a forensic accountant could help make your divorce more fair, contact Dailey Law Offices to set up your free consultation today! We have offices in both Franklin and Delaware County.