Should I use a forensic accountant in my divorce?

On Behalf of | Nov 15, 2022 | Divorce |

Even for amicable divorces, if the couple has many assets, the property division process could become contentious. Right now, real estate values vary wildly from week to week, which means that a couple could disagree on its value. This is also true of antiques, artwork and even cryptocurrencies. This is why many divorcing couples use a forensic accountant, either one for both spouses, or two, separate accountants.

What do they do?

Forensic accountants can provide divorcees several services. For one, they can be expert witnesses on any financial matter and even provide testimony and evidence to substantiate asset valuations. They can track down hidden assets and make a full accounting of the marital estate.

Not just for property division

Of course, this information can be invaluable for the Roseland, New Jersey, property division process. However, getting a full accounting of assets and income allows for accurate calculations of both spousal and child support. They can also get the full accounting of debts and potential tax liabilities for negotiated asset distributions and disposals.

Can be key for business owners

If you and your spouse run a business, a forensic accountant can be the key to an equitable divorce. The professional can culm through the assets to get a full picture of the business, its assets, income and debts. Only then can you hope to split the business.

Not just a lawyer, but a team

Depending on the scope of your assets and your divorce, it can get complicated, quickly, especially for high-net-worth divorcees. This is why your lawyer is just one part of your Roseland, New Jersey, divorce team.