Divorce can be messy and complicated. Everything, from material possessions to relationship histories and emotions gets mixed up into one big mess that usually requires a whole team of lawyers to untangle. You might even need the help of a forensic accountant especially if complicated financial issues are involved. A forensic accountant is also a valuable member of your team if you simply want to protect your financial interests as you and your soon-to-be ex-muddle through this process. Read on to know why a forensic accountant can be an essential asset to your case when getting a divorce.
Cheating spouses can do more than just keep secrets about extra-marital activities. They could be keeping secrets about hidden properties, assets or income like bank accounts, cars or houses. All these need to be included as you divide properties during the divorce. If you had a limited degree of participation in your household finances during the marriage, it is easy for your spouse to hide assets and pertinent documentation from you. It is likely that there are valuable properties bought from the conjugal fund that you do not know about. A forensic accountant can uncover all these things for you.
A forensic accountant can help you in the process of gathering information to make sure that all the financial documentation and other important paperwork are prepared to support your case. He or she will work with your lawyer to do this. He or she can also help your lawyer draft interrogatories to the other spouse which will help you prepare for deposition and trial.
A forensic accountant has the expertise in valuing assets and determining what is separate and community property. He or she can help you separate business from personal expenses to ensure that whatever business you had as spouses is valued accurately.
Your forensic accountant is not only tasked with preparing documents to be filed in court. He or she can also testify for you in a deposition or during the divorce hearing to support the documents and paperwork he has filed or prepared.
Divorce will have a significant impact on your taxes. If you own a business you are looking at changes in business taxes and payroll taxes. Changes in your status, whether you are filing as a single individual or head of a household, may also affect your personal income tax. Your forensic accountant can help you deal with the new details of your tax information and even help you look for credits and exemptions, especially if you or your ex is in the military or are military retirees.
A forensic accountant is a professional who can help you cover all the bases during a divorce. At www.continentaltaxandaccounting.com, we deal with the financial side of divorce every day and work with clients to ensure that their rights and assets are protected as they go through this difficult process. Get in touch with us today.
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