If you’re proceeding with a divorce case, you and your spouse likely don’t see eye to eye on certain issues in your relationship. Unfortunately, the legal process isn’t exempt from communication and honesty issues either. One way to ensure you get the full truth is to hire a forensic accounting professional. Here are several examples of how their specific skills could benefit your divorce case.
How Can Forensic Accounting Help in the Divorce Process?
1. Finding the Paper Trail
In some cases, your spouse may seek to undervalue their assets or hide them altogether. A forensic accounting professional can use their skills to reveal the values and assets a spouse may be trying to keep secret. They will follow a paper trail of bank account and credit card statements, looking for transfers to other undeclared accounts, letting you know for certain where you and your spouse stand.
2. Determining the Value of Your Assets
In a divorce agreement, the first order of business is the division of marital property, as well as the act of distinguishing these shared assets from your private ones. Private assets are those you inherited or bought before the marriage, while shared assets bought during the marriage must be split between the two of you. A forensic accountant will accurately determine the value of that car or vacation house, so you can ensure you get a fair amount from its sale, or so you can buy it from your spouse for the proper amount and keep it for yourself.
3. Estimating Income Potential
If your income levels are significantly different — for instance, if one spouse stayed home while the other worked full-time — the higher-earning spouse might be required to pay the lower earner spousal support. If one parent gets full or primary custody of the children, the non-custodial parent will be required to pay child support to the caregiver. To obtain these specific amounts, the courts must know exactly how much money each spouse makes. A forensic accountant will make sure your spouse isn’t claiming they earn less than they do, letting you get the support you deserve.
If you’re hoping to make your divorce process as smooth as possible, Monteleon Law Group in White Plains, NY, can help. This respected firm will remain by your side throughout the proceedings, making sure you’re satisfied with the terms of your agreement and the dissolution of your marriage. In addition to family law, they also handle estate planning, DUI, and personal injury cases. For more information on their work, visit the website. Call (914) 840-2529 to schedule a consultation today.