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Do you need to add a forensic accountant to your legal team?

| Jul 8, 2018 | Property Division |

If you and your spouse are contemplating an Ohio divorce, it may be difficult for you to arrive at a fair and equitable property settlement agreement, particularly if you are a high-asset couple. Your difficulties could be especially complex if you believe that your spouse is attempting to hide assets from you.

Depending on the extent and diversity of the various investments, holdings and business interests involved in your divorce, you may wish to consider adding a forensic accountant to your legal team to help you and your attorney discover, track and value your spouse’s assets. Forensic accountants receive special education and training in the art of finding hidden assets.

Forensic accountant skills

As FindLaw explains, a forensic accountant can be a CPA, but does not necessarily have to be one. His or her education and training, nevertheless, should be extensive enough to give him or her the necessary skills to competently perform such tasks as the following:

  • Search for hidden income and assets
  • Discover and analyze inconsistencies between and among complex financial documents
  • Trace marital and nonmarital property
  • Perform business and other asset valuations
  • Determine cash flow
  • Understand and determine the tax implications associated with various divisions of property

Once your forensic accountant does a complete investigation of these and all other aspects of your family’s overall financial picture, not only do you have a clear picture of your finances, but (s)he can testify as your expert witness at your divorce hearing(s).

Hiring a forensic accountant to work with you and your attorney during your divorce can be costly, but in all likelihood is your best chance of obtaining the property to which you are entitled. This is general information only and not intended to provide legal advice.

Findlaw Network