During your divorce, one thing you may want to look into is forensic accounting. Forensic accounting is a special area of accounting in which the accountant can look through you and your spouse’s financial documents to see if there are any discrepancies or hidden assets.
Part of a forensic accountant’s job is to investigate. When investigating, your accountant may look into debits and expenses, deposits and other transactions. They’ll look deeper than making sure the books are balanced. They want to know if any kind of fraud has occurred.
For example, your spouse might say that they spent $500 on themselves, but a forensic accountant may be able to link up those expenses to the date you found texts from your spouse’s new partner. If you have expected your spouse of cheating on you, being able to support that claim and show that they were spending money on someone else could help.
Additionally, a forensic accountant may be able to track down missing or hidden assets. By nature, the accountant’s job is to be suspicious of all unusual transactions. After they do their work, they can also be asked to speak in court and to provide expert testimony.
Should you work with a forensic accountant?
It isn’t always necessary, but if you believe that your spouse is hiding assets or that they have misrepresented their assets, then a forensic accountant could be a big help. It may be a little more costly to work with a forensic accountant, but if your concerns are validated, then it could be worth the expense. Our website has more information about working with legal professionals, forensic accountants and others who may help you get the settlement you want in your divorce.
