How a Forensic Accountant Could Help Your Divorce

 Posted on July 13, 2016 in Divorce

If you have made the decision to end your marriage, you are probably now facing a multitude of questions. Some are very reasonable, such as those regarding how you will support yourself after divorce or where your children will live. Others, though, can be even more confusing, especially if the answers should be straightforward but, for one reason or another, are not. For example, do you know how much your spouse makes each month? Are you sure? What about investments? Do you know where all of your money is? Obtaining a sound divorce settlement or judgment relies on the answers to these questions and countless others just like them, and a forensic accountant may be able to help.

What Is a Forensic Accountant?

Your divorce team could include experts from a variety of fields, including mental health, parenting, real estate, and financial planning, but a forensic accountant offers a very unique perspective. He or she is trained to assemble, review, and analyze financial records of an individual, family, and business to identify any possible discrepancies. By doing so, a forensic accountant is able to uncover hidden assets, discover secret revenue streams, and reveal misappropriation of marital and personal property. In addition to divorce cases, forensic accountants are also utilized extensively in investigations of money laundering and white-collar crime.

How Does Forensic Accounting Work?

Money almost always leaves a paper trail. When you receive your paycheck, there is a paystub generated, often along with a verification of a direct deposit by your bank. When you pay your electric bill, both the power company and your bank make a record of the transaction. By following such trails, a forensic accountant can develop a fairly accurate picture of a person’s financial situation. The lack of trail can be a trail all its own. For example, if your spouse’s income records show annual earnings of a certain amount, but he or she recently made a purchase that should not be financially possible, a forensic accountant can help track where the money originated.

Find Help Today

A spouse who intends to hide money is limited only by his or her imagination. Some will overpay taxes, create fake debt, or transfer assets to a business created for the purpose. A forensic accountant knows the tricks that people will try and is equipped to stop them before they can impact your divorce.

To learn more about the divorce in Illinois and how a forensic accountant can help, contact an experienced Geneva family law attorney. Call 630-232-9700 for a confidential consultation today at The Law Offices of Douglas B. Warlick & Associates today.

Source:

https://www.dailyworth.com/posts/3641-do-you-need-a-forensic-accountant-on-your-divorce-team-landers