Is Hiring a Forensic Accountant Worth the Money in a Divorce?

 Posted on June 23,2023 in Illinois Divorce

Unlike an amicable divorce, divorce cases with disputed and complicated finances can be very challenging, especially when it comes to issues of alimony, property division, and child support. If finances are a point of contention in your divorce, hiring a forensic accountant may be necessary to determine calculations of spousal and child support and uncover the worth of various types of assets. Forensic accountants are professionals in the field of financial accounting and fraud investigations, able to work with divorce attorneys to uncover hidden assets, resulting in a more efficient and fair division of assets.

Here is Why Hiring a Forensic Accountant May Be Worth the Fees

Consider these reasons, including:

• Asset identification – Identifying assets for the purpose of division can be a difficult and time-consuming process. A forensic accountant can use their knowledge and financial know-how to uncover hidden assets, and trace income flows to ensure every asset is appropriately accounted for. Since hidden assets will dictate a larger advantage for one party in a divorce case, a forensic accountant can help prevent one spouse from gaining the upper hand while ensuring the integrity of assets declaration during the divorce settlement.
• Valuing the assets – This process can sometimes be even more difficult than identifying the assets in the first place. Forensic accountants have a unique viewpoint when valuing assets acquired during the marriage, including stocks, businesses, real estate properties, and intellectual property. Significant disagreements in high-asset divorce cases may exist regarding how to value a shared estate. A forensic accountant can help determine which valuation methods should be implemented to value the assets.
• Analysis of financial data – Forensic accountants are skilled at analyzing financial information, such as IRS documentation, credit card records, and more. These intensive investigative accounting methods can prove a pivotal point for the divorce settlement outcome.
• Court testimony – Forensic accountants can testify in court, often providing helpful testimony about a couple’s financial situation. Such testimony may prove consequential during divorce proceedings.

It is important to note that regardless of whether you hire a forensic accountant, your priority should first be hiring a divorce attorney. Your attorney can give you advice as to whether they believe a forensic accountant is necessary in your case. If they recommend you hire one, your attorney and forensic accountant can work in tandem during your divorce.

Contact a Kane County Divorce Attorney

For legal representation during this critical time, contact the experienced Kane County divorce attorneys with Weiler & Associates, Inc. Call 630-331-9110 for a private consultation.

Source - https://llbcpa.com/how-forensic-accountants-help-the-divorce-process/