There are several circumstances where you need a forensic accountant in the context of Marital Separation. If you have a high net worth or difficult divorce or if you believe that your partner is concealing money or assets, a forensic accountant is a valuable member of your team.  


A law enforcement agency may direct you through a procedure of fixing the issue from start to end when you have a difficult divorce and are concerned your ex-partner is trying to redirect property or achieve a false advantage on financial or custody grounds. They will take all of your properties into consideration and allow you to evaluate their asset and recognize future assets as well as document them from a deceptive partner.


Understanding the Role of a Forensic Accountant


The task of a forensic accountant is usually to provide all the legal team with experience and professional assistance in resolving the divorce or custody issue. The lawyer helps to assess every party's earnings, the overall value of its common assets, and the actual assets of each party. In the estimation of assets like pensions, companies, resources, or even intellectual property, accounting professionals often act as expert witnesses.


While access is part of a discovery procedure to obtain the income statement and associated documents before a divorce, these documents on their face do not always tell the full story of any improprieties or collusion that may have occurred, and often, the documents presented have not been cross-verified for accuracy. Personal costs may have been paid by the company and may affect the profit of the company owner. Records might not represent the operational costs and secret assets of your company. A consultant will search all documents for actual evidence to be found.


In addition, you can expect a forensic accountant to:


  • Determine the capacity of every party to provide spousal support or support for children;

  • Measure assistance for children on the basis of the formula;

  • Identify all the common resources and liabilities;

  • Asses wealth, if required;

  • Account for mutual resources expenditure after divorce and separation;

  • Identifying individual properties and responsibilities containing property before marriage;

  • Determine the worth of some mutual or private enterprises;

  • Discover concealed resources and desires, if any; and 

  • Prepare an assets and responsibility division plan.


A Forensic Accountant Can Change the Outcome of a Case


In many cases of divorce, the financial condition plays an important role, including:  

  • Division of property

  • Care of the bride (Alimony)

  • Assistance to children

  • A divorce could alter the financial position instantly, which is why it is important to think before you consent and sign the long-term result of a potential divorce agreement. You have to ensure you have all of the evidence to do so. If the case goes to trial, without all evidence, the court could not reach a fair judgment on these issues either.

  • You, as well as the legal staff, will work in close partnership with the divorce client. They can assist you in better consider the existing financial position and how your arrangement or decision will produce the best outcome. They will clarify your financial situation in the future on the basis of prospective negotiations to help you develop a proposal that serves your greatest economic interests.


Talk to ICON About Your High Worth or Complex Divorce


Not having the complete information surrounding property and obligations could change the property separation deal substantially and how the judge decides in the case of divorce. The icon could assist you if you do have queries regarding your high asset or complicated financial condition and face divorce.


If you struggle to grasp the implications of your divorce properly, progress towards an arrangement could have a huge effect on your financial prospects. At Icon, our partners are dedicated to finding you answers and delivering results through a purpose-driven approach that saves time and unnecessary hours spent going through the wrong information. 


Icon has decades of experience in working with difficult situations, and we could guarantee that you get the most focus, supportive advice, and enthusiastic advocacy.

Contact us now for more details at 540-874-2587

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