
When you are faced with a divorce, retaining the right team can help ensure you make informed decisions that protect your rights and finances. That said, many wonder whether hiring a forensic accountant for their divorce is worth it or not. Couples can greatly benefit from the help of a forensic accountant as they can investigate and reveal financial information that can affect property division, spousal support, and child support determinations. Please continue reading to learn how a forensic accountant can help your case and why connecting with a determined Suffolk County Divorce Attorney is in your best interest.
Do I Need a Forensic Accountant for My Divorce?
During a divorce, forensic accountants play a vital role in creating a comprehensive financial profile of each party. They will use their investigative skills to audit and analyze financial information, look for hidden assets, trace money trails, and uncover anything else that could be used to determine a fair settlement.
To aid the property division process, a forensic accountant can conduct appraisals, adequately valuing your assets. If you and your spouse disagree about whether an asset is a separate or marital property or debt, an accountant can review the ownership history to decide. It’s important to keep in mind that New York is an equitable distribution state. This means that a couple’s marital assets will be divided fairly, though not necessarily equally.
If you suspect your spouse is deliberately concealing assets or engaging in fraudulent behavior, you should hire a forensic accountant. They will determine your spouse’s true net worth by scrutinizing business records, bank accounts, tax returns, and investment portfolios. Ultimately, they can help ensure full financial disclosure to ensure a fair division of property. Hiding assets is considered bad faith during a divorce and can have serious legal consequences, including being penalized by the court with a less favorable asset division and even facing criminal charges in extreme cases.
Furthermore, if you are worried that the other party has wastefully dissipated marital assets, a forensic accountant can gather evidence to prove or disprove those claims. They can also help determine each party’s ability to pay spousal support or child support as well as review each spouse’s financial contribution to the marriage.
Should I Consult an Attorney?
If you are facing a divorce in New York and are interested in utilizing the services of a forensic accountant, it’s advisable to consult an experienced attorney who can assess your case and determine if this is necessary. If so, they can recommend a qualified expert who can help ensure a fair settlement. At the Law Offices of Susan A. Kassel, P.C., we are prepared to help you navigate this complex legal process and represent your interests. Connect with our firm today to learn how we can fight for you.