When is a Forensic Accountant Useful in a Divorce?

In many high net worth divorces in Florida where the value of certain intangible assets is in question, and in any divorce in which one of the parties has concerns about hidden or concealed assets, a forensic accountant is likely to be very beneficial to the divorce case. How can you know for certain if you should be including a forensic accountant on your divorce team, and what does a forensic accountant do specifically? Our divorce lawyer in Tampa can explain in more detail below, and we can begin working with you on your divorce case today.

What is a Forensic Accountant?

What is a forensic accountant, and how is their work different from that of a traditional accountant? According to the Association of Certified Fraud Examiners, “forensic accountants combine their accounting knowledge with investigative skills in various litigation support and investigative accounting settings.” Their tasks typically include conducting forensic analyses of financial information, tracing funds, and identifying assets so they can be recovered.

In short, a forensic accountant’s role often involves a combination of traditional financial accounting work and investigative work when there are questions about financial misconduct or fraud.

What Do Forensic Accountants Do in Divorce Cases in Tampa?

The particular skills that a forensic accountant has can be useful, and often even necessary, in divorces involving high-value assets where property may have been undervalued, or in circumstances where there are questions about assets being hidden or concealed. While errors in valuation and disclosure of assets can occur in a divorce, forensic accountants are especially beneficial in cases where one spouse has attempted to undervalue certain assets for their own benefit, or has attempted to hide or conceal assets in order to prevent their distribution in their Florida divorce. What can a forensic accountant do?

A forensic accountant can identify hidden assets and any concealed income. They can locate investments and bank accounts that the other spouse has failed to disclose, as well as other types of undisclosed property.

In some divorces where one of the spouses is a business owner, they might attempt to hide assets by commingling marital property with business property. A forensic accountant can trace out commingled assets and can accurately identify assets that should be classified as marital property and subject to distribution. A forensic accountant can also trace separate property from marital property in other types of commingling situations. In addition, forensic accountants can provide accurate valuations of assets that may have been misvalued or undervalued, ranging from tangible to intangible assets.

Contact a Tampa Divorce Lawyer for Assistance Uncovering Hidden or Concealed Assets in Your Divorce 

If you have any concerns at all about the accurate disclosure, valuation, or classification of assets in your divorce case, it is important to discuss the potential benefits of a forensic accountant with your divorce lawyer. For all of the reasons discussed above, a forensic accountant can help to ensure that assets are distributed fairly in your divorce, and that your spouse does not get away with undervaluing or concealing assets in order to limit your distribution. An experienced Tampa divorce attorney at The Law Office of Laura A. Olson, P.A. can speak with you today about the details of your case.

Source:

acfe.com/career/career-paths/career-path-accounting/career-path-detail-forensic-accountant