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In Massachusetts For Over 30 Years


In Massachusetts For Over 30 Years

Should I hire a forensic accountant?

On Behalf of | Jul 18, 2019 | high net worth divorce |

Sadly, high asset divorces in Concord do not always proceed smoothly and honestly. Sometimes one spouse will try to conceal money and other assets so that the other spouse does not receive a portion of them in a divorce judgment. Not all divorcing spouses understand what they should look for, which is why some decide to hire a forensic accountant when they suspect a spouse is hiding assets from them.

There are a number of ways a crafty spouse may hide assets. Sometimes it is just a matter of transferring property to another individual so that the spouse no longer owns the property or asset. Once the divorce is complete, the spouse reclaims what they transferred. At times, some spouses have successfully won a civil judgment against another party and are primed to receive a monetary settlement, but these judgments may go unmentioned.

If a spouse does not feel confident in locating these hidden assets or suspects that a spouse will try to hide money and possessions, bringing in a forensic accountant as part of the legal team is an option. Forensic accountants are trained to review financial documents, such as bank account statements, and look for omissions or errors that may signify that an asset is being hidden. They also check property deeds to look for recent transfers of ownership.

Sometimes a spouse needs a forensic accountant for a more benign reason, not because the spouse suspects another spouse of hiding assets, but simply due to lack of financial knowledge and experience. Some couples divide responsibilities amongst themselves, with one spouse taking charge of the marital finances and the other handling caregiving duties. So when a financially inexperienced spouse has to go through a complicated asset divorce, hiring a forensic accountant can be helpful.

The reasons for hiring a forensic accountant can vary. For this reason, you should not read this article as legal advice. It is only intended to provide general information on the topic of high asset divorce.