As someone currently embroiled in a New Jersey divorce, you may have suspicions your spouse is less-than-truthful about the current state of his or her financial affairs. Even if you do trust your spouse is being upfront with you about finances, you may have an especially complex financial portfolio you are not sure how to divide.
For these and similar reasons, many divorcing couples enlist the aid of a forensic accountant to help in their divorce cases. At its core, the role of the forensic accountant in a divorce is to take an intensely close look at a couple’s finances, and this may include tracing income or locating missing or hidden assets and liabilities, among related tasks. So, how might you determine whether you need a forensic accountant on your divorce team? You may find it particularly advantageous to hire one if you or your spouse:
Have assets that are hard to divide
Some shared assets are easier to divide between the parties in a divorce than others. For example, while it may prove relatively easy to, say, sell your shared home and divide the proceeds between you, dividing, say, complicated stocks or retirement accounts can prove far more difficult.
Have assets or accounts in other states or countries
If you or your spouse have bank accounts, business interests or what have you in other states or countries, a forensic accountant may be able to guide you through dividing them. This type of professional can prove particularly useful if you need to secure appraisals to determine the value of certain assets.
Distrust the other party in the marriage
A forensic accountant can also help make sure both parties in the marriage are upfront and honest about their assets and finances. Frequently, one party in a divorce hires a forensic accountant because he or she feels the other party is hiding assets in an attempt to get more than his or her true share.
Anyone with a complicated financial profile can potentially benefit from the help of a forensic accountant. If this describes your current situation, you may want to consider speaking with one.