If you are considering a divorce, it can feel like an insurmountable amount of stress. Many couples find themselves at a point of needing to cross that bridge, and some divorces may require additional help.
In addition to attorneys, there are other professionals who can help in the divorce process. In this blog post, we will discuss forensic accountants.
Forensic accounting basics
Forensic accounting is defined as a cross between investigation and accounting. So, while accounting typically involves the auditing of a person or business, forensic accountants are required where there is hidden or misconstrued money or accounts. These accountants are trained in criminal matters or civil ones, like divorce.
Divorce types where forensic accountants are useful
Expert forensic accountants can assist with the auditing and valuation of various accounts, like cryptocurrency, art, stocks, retirement and more. Accounts, like 401ks and unvested stocks, can be difficult to accurately value and may require a specialist.
In addition, for divorces where one spouse is suspected of wrongdoing, like fraud or gambling, forensic accountants can look for hidden monies or accounts. They are also useful simply where one spouse is not paid in traditional methods to track income and report income accurately.
Summary
Forensic accountants can be part of an interdisciplinary team for difficult or complex divorces, uncovering misuse of funds or building an accurate income picture for high asset divorces in New York. No one wants to be in a situation where they have metaphorically grown a financial watermelon and are being offered a grape.
Conversely, no one wants to be accused of having a watermelon to split when they do not. Specialized forensic accountants can help capture an accurate financial picture.