One of the most complicated aspects of divorce is property division. “Who gets what” is often at the forefront of most of these marriage disputes. In order to expedite the process, some attorneys will recommend the use of a forensic accountant.
Forensic accounting is a specialized area of accounting concerning actual or anticipated disputes or litigation. A person who works as a forensic accountant can help a couple organize the information regarding their assets so that both can see what actually must be divided. Additionally, a forensic accountant can also determine the percentage owned by each spouse. For example, a retirement account might have had a different amount at the start of the marriage versus the end of it. If the couple owns a business together, an accountant can also help one spouse determine how much compensation he or she needs if the other spouse keeps ownership of the business.
The essential part of the job is communication. A forensic accountant must be able to organize all financial information regarding the divorce and present it in an understandable way so that spouses, attorneys, and the court can easily digest it.
Forensic accountants have also been used to ferret out hidden assets by one or both spouses during a divorce proceeding. These accountants specialize in examining personal and business financial records for what they do and do not show. For example, these experts can find payroll padding, under-reported income, and the purchasing of expensive items with secreted cash.
If you and your spouse have a particularly snarled financial situation, or if you suspect your spouse might be hiding assets, a forensic accountant might be just the thing you need to speed up the divorce process.
For more information about our work with forensic accountants, contact us today. Or, if you wish to begin divorce proceedings, trust our experienced Dallas divorce attorney with your case. We have more than 65 years of collective experience representing people and families throughout Texas. Let us provide you with knowledgeable, professional, and effective legal counsel for your divorce. Call us at (972) 852-8000 or fill out our online form to tell us about your situation today. We look forward to helping you through your difficult situation and providing you with the excellent counsel and advocacy you deserve.