Going through a divorce can be an incredibly difficult process, emotionally and financially. However, these matters can grow even more complex the higher your net worth is. As such, it could be in your best interest to connect with a forensic accountant during this legal process. If you’re unsure what a forensic accountant does or when it’s in your best interest to connect with one, you’ll want to keep reading. The following blog explores what you should know about these matters and why you should discuss the details of your divorce with Nassau County divorce lawyers.
What Is a Forensic Accountant?
When going through a high-net-worth divorce in New York, the financial aspect of this process can be incredibly difficult to navigate as you’ll likely have several complex assets. Not only must these assets be accurately valued, but it can also be difficult to determine how to divide these assets under New York state law. Additionally, when you have a large portfolio of assets, it’s not uncommon for a property to be unaccounted for.
One of the most important roles that a forensic accountant has in a divorce in New York is to ensure that both parties have fully disclosed their finances to ensure that the division of assets is fair. Unfortunately, it’s not uncommon for spouses to attempt to conceal assets in order to receive a more favorable outcome as part of the divorce. However, a forensic accountant can examine all financial information to uncover hidden assets.
In addition, a forensic accountant can help ensure that, if awarded, child support or alimony payments are fair for both parties. This is done by examining tax returns, bank statements, investment portfolios, and employment records.
Finally, if there is a dispute regarding ownership of a specific asset, such as one party claiming it is martial property while the other claims it as their own separate property, a forensic accountant may be able to trace the origin of the property. This can help clear any disputes regarding if and how it should be divided.
If I Hire One, Do I Still Need a Lawyer?
When going through a complicated divorce, you’ll find that working with an experienced forensic accountant can be incredibly beneficial. However, this does not mean that you should forego working with an experienced divorce attorney. While an accountant can help you with the complex financial aspect of your divorce, they will be unable to provide legal advice or represent you in court. As such, it is crucial to connect with an experienced divorce attorney to guide you through this process, from filing paperwork and serving your spouse to fighting for custody or property.
At the Sklavos Law Firm, our team understands how complicated these matters can be. That is why we will do everything in our power to help you fight for the best possible outcome for your circumstances. Contact us today to learn how we can assist you during this emotional process.
