SPECIALIST FORENSIC DIVORCE ACCOUNTANTS
When navigating the complexities of a divorce, disputes surrounding finances and division of assets can become contentious and difficult to resolve. By uncovering, analysing, and presenting detailed financial information, a forensic divorce accountant can play a key role in ensuring a fair financial settlement. Whether you’re facing a high-net-worth divorce, or dealing with intricate asset structures, our services are here to help.
What Is The Role of a Forensic Accountant in Divorce and Matrimonial Disputes?
Dealing with divorce and matrimonial disputes can be difficult, with serious challenges that can’t be left unresolved. However, it’s essential that all assets and income are factored in, and distributed fairly and openly. Forensic accounting in divorce cases plays a crucial role in investigating the financial circumstances of both parties, providing the kind of transparency that often results in a fairer settlement.
To do so, one of our expert forensic divorce accountants will examine bank statements, tax returns, business returns and records, and any other relevant financial documents that might detect potential discrepancies or signs of fraudulent activities. A specialist forensic accountant can act either on behalf of one concerned party, or as a Single Joint Expert (SJE) in order to represent both sides towards a mutually beneficial conclusion.
Why Choose Inquesta Forensic Divorce Accountants?
When it comes to safeguarding your financial future during a divorce, choosing the right forensic accounting firm can be the difference between getting your fair share and not. Here’s what makes the team of Inquesta Forensic divorce accountants the trusted choice for prospective clients facing divorce and matrimonial disputes.
Expertise
With years of experience, our team is perfectly placed to provide some much-needed clarity to ensure a fair settlement.
Thorough
We leave no stone unturned. Using advanced techniques, we can uncover hidden assets, trace income, and ensure full financial disclosure.
Court Ready
Our forensic divorced accountants are skilled in preparing detailed reports that will stand up to scrutiny in court.
Client Focus
We understand how overwhelming divorce and matrimonial disputes are. We are on hand to ensure you feel supported and protected.
Interested in Hiring a Forensic Accountant for Divorce? Secure Your Financial Future Today
Don’t leave your financial settlement to chance. Let our team of expert divorce forensic accountants uncover the truth of the situation and obtain what’s rightfully yours. Get in touch today for a free confidential consultation.
The Role of Forensic Accountants in Divorce
A forensic accountant has several key responsibilities when dealing with divorce disputes and matrimonial disputes. These include:
- Providing basic valuations of matrimonial assets
- Informing parties about the tax implications associated with the disposal of said assets
- Tracing and identifying assets, providing a full disclosure at the conclusion of their investigation
- Maintaining transparency throughout to ensure both parties receive what they deserve
- Appearing as an expert witness in Court wherever necessary
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The Complete Guide to Forensic Accounting
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What Does a Forensic Accountant Do in Divorce?
A forensic accountant in divorce proceedings plays a vital role in analysing and investigating the financial aspects of both parties to ensure an equitable settlement can be reached. They are on hand to provide necessary expertise in the identification, valuation, and presentation of complex financial details that, while often not immediately clear, can play a vital role during proceedings.
While forensic divorce accountants can be instructed by the legal teams of one or both parties involved, their ultimate responsibility lies with the Court, and they are required to demonstrate independence at all times. The actual ways in which a forensic accountant may support in matrimonial disputes and divorce proceedings include the following:
During divorce proceedings, accurately valuing a business can be crucial, especially if one or both spouses own a company or have an interest in one. A forensic divorce accountant specialises in determining the true value of a business, taking into account its assets, liabilities, income, and future earning potential.
Their expertise ensures that the business valuation reflects its fair market value and that it is correctly factored into the financial settlement. If necessary, they can also advise on restructuring the business to facilitate the extraction of funds or accommodate the agreed division of assets.
One of the most important factors in divorce proceedings should always be transparency and honesty. If it’s suspected that one party is hiding assets, or not disclosing income, it becomes essential to obtain clarity as soon as possible.
Working alongside private investigators, forensic accountants are skilled at analysing financial records and publicly available information to identify potential discrepancies or indications of undisclosed assets. This can include uncovering hidden bank accounts, real estate, or business interests that may otherwise be overlooked during divorce negotiations.
When it comes to the division of finances and assets during divorce proceedings, a lack of proper planning and foresight can lead to unintended financial consequences, including significant tax liabilities. A specialist forensic accountant can provide valuable insights into the financial implications of asset transfers, working alongside tax experts to ensure a fair and efficient outcome.
Sometimes, matrimonial disputes and divorce proceedings don’t go according to plan and a court date will need to be set if there is ever to be hope of an appropriate conclusion being achieved. In this scenario, a forensic accountant can act as an expert witness on your behalf. In this capacity, a specialist will utilise their knowledge and extensive expertise to fully support their client’s case, ensuring the best possible outcome is reached.
By reviewing and tracing financial transactions, such as transfers between accounts or large, unexplained expenses, a forensic divorce accountant is able to detect often missed patterns of behaviour in order to uncover attempts to mislead another party and reduce marital assets being split.
Particularly true in cases involving self-employment, cash businesses, variable income streams, or when a couple has been estranged prior to divorce, it’s possible that one party will attempt to misrepresent their income in order to skew decisions in their favour.
The forensic accountant on your case will compile detailed findings and evidence to assess the true, factual income of both parties. This ensures that income is accurately represented and is particularly important when it comes to things like child support calculations.
Once all key evidence and data has been collated, the forensic divorce accountant on your case will compile their findings into a detailed and court-ready report. These findings can then be utilised in any settlement negotiations that may take place, or as evidence were the case to escalate legally.
In addition to preparing reports, a forensic divorce accountant can act as a shadow expert to provide invaluable support during the divorce process. This includes reviewing financial disclosure forms, such as Form E, to ensure accuracy and identify any discrepancies. They can also assist in drafting instructions for a Single Joint Expert (SJE), review the SJE’s report to verify its findings, and help formulate pertinent questions to clarify or challenge conclusions.
By leveraging their expertise as a shadow expert, a forensic accountant can streamline the financial aspects of the case, potentially helping to achieve an earlier settlement and reducing the likelihood of costly legal disputes.
Inquesta Forensic: Here to Help You
Divorce is, naturally, an emotionally charged time, no more so than when significant or hidden assets are involved. Our dedicated team of forensic divorce accountants is here to provide expert financial analysis, helping to ensure a fair and transparent settlement that brings an end to a turbulent period for both parties.
During matrimonial disputes, financial disagreements are one of the leading causes of tension. A forensic accountant will be able to help resolve such conflicts. Our experienced team assists in identifying the full financial picture, ensuring that all financial information is presented accurately and fairly.
Ultimately, the financial aspects of a divorce will often determine the long-term financial security of both parties. This makes it all the more essential that you have a clear understanding of the full picture. If you’re facing a divorce or matrimonial dispute, we can offer you the guidance and expertise necessary to navigate these challenging times.
Frequently Asked Questions
It is always preferred for both parties in a divorce to amicably reach an agreement on a fair split of assets. However, this isn’t always possible.
The division of assets is a particularly sticky point for most couples undergoing divorce. Tensions are high and both sides may feel that they deserve more.
A forensic accountant can use their expertise to manage proceedings in an efficient and transparent fashion.
When it comes to finding hidden assets, it is common for forensic accountants to investigate down three key routes:
- Net Worth: After accessing information and statistics from financial documents and the bank itself, a forensic accountant can get a clear picture of whether an individual may or may not be hiding any assets. They will do this by assessing the net worth of one party at the beginning of the divorce proceedings, and contrast it at the end.
- Deposits: This step entails taking net deposits by one party and adding it to any cash expenditure to formulate a total amount. Transactions from known and declared sources are then deducted in order to calculate an amount deposited with an unknown source — which will then be pursued.
- Understanding Parties Fund: Taking evidence from various sources, such as bank statements, and deducting it from available funds, the accountant will be able to ascertain whether any undisclosed funds have been spent.
Typically, the party requesting the services of the forensic accountant in a divorce will be expected pay. However, this isn’t always the case as costs may be shared, or court-ordered, depending on the case. In some instances, the court may assign fees based on financial needs or what’s considered fair.
It is possible to hire a forensic accountant after divorce papers have been signed if there are suspicions of undisclosed assets or financial discrepancies having taken place. Such issues could result in a revision of the financial settlement, which a forensic divorce accountant will be able to help with.
