As far as family law cases are concerned, divorce proceedings are typically anything but amicable. More often than not, divorce cases centre on the division of marital assets and debts; some of which can be relatively simple to divide, and others can be more complex.
Usually there is little dispute over the division of bank accounts and credit cards, but other matrimonial assets such as furniture, jewellery and art can be much harder to quantify and divide fairly. It is also a surprisingly regular occurrence that one spouse might conceal assets from the other to avoid losing them in a court settlement. All assets must be uncovered and quantified if a fair settlement is to be reached, which is where the expertise of a forensic accountant comes in.
In a nutshell, divorce cases and settlements are rarely straightforward. Financial disputes complicate the whole process leading to additional distress for separating couples. Instructing a forensic accountant can make the whole process easier, and lead to the fairest possible division of assets.
Instructing a forensic accountant at an early stage of the legal process can help ensure that all assets are discovered and properly quantified. Identifying all of the financial issues at play early on in the divorce process can reduce the amount of time taken to reach a settlement, thus minimising the additional stress faced by couples and legal teams.
Forensic accountants also specialise in the provision of fair and accurate valuations, which can play a key role at the heart of divorce proceedings. Without knowing the accurate value of all matrimonial assets, it is impossible to divide them fairly between both parties. For this reason, instructing a forensic accountant can make divorce proceedings not only as smooth and simple as possible, but less distressing for all involved.
It’s far from uncommon for one spouse or another to deliberately distort and manipulate their personal finances in order to tip the balance favourably in their direction. Or in some instances, make it as difficult as possible for the court to establish a comprehensive picture of their current financial situation, income, and ownership of assets.
A forensic accountant will be able to detect and prevent one party’s attempts to deliberately conceal assets from the other. Sometimes one party might purchase expensive items with secret cash; under report income, pad payroll, create fake debt, overpay creditors, or transfer assets to dummy corporations to avoid declaring them in a settlement. Particularly in instances where one or both spouses work, save or live primarily on the back of cash (rather than bank accounts and credit cards) verifying anything to do with their financial circumstances can be difficult. It is the role of a forensic accountant to properly investigate all these assets to ensure a fair settlement is reached.
Forensic accountants use their skill and expertise in the financial field to ensure all assets are taken into account, and the fairest possible outcome is reached. We have a wide selection of skilled forensic accountants available to assist in divorce cases and attend court hearings as an expert witness if necessary. Contact us today if you require a forensic accountant for a divorce case and we will supply you with a quote and an expert CV within 24 hours.