Dividing assets in a divorce can be contentious and complex. In Tennessee, the court must divide marital property equitably, which requires a thorough inventory of your assets.
Forensic accountants analyze financial documents and transactions to uncover important information. There are many situations in which hiring one may be appropriate.
You suspect your spouse is hiding assets
Warning signs that your spouse may be concealing assets from you include:
- Overpayment of debts
- Large, unexplained payments or withdrawals
- Lavish monetary gifts to friends or relatives
- Opening a private PO box or changing the mailing address on financial documents
- Changing passwords for joint accounts
If you believe your spouse may be hiding assets, a forensic accountant can investigate.
You own a business
Dividing assets when you own a business can be especially complicated. A forensic accountant can help you determine what your business is worth to ensure an equitable distribution.
You have commingled assets
Couples who have been together for a long time often commingle marital and separate property. A common example is a retirement account. If you opened a retirement account when you were single and have continued contributing to it throughout your marriage, then the account likely consists of marital and separate funds. Unless you have kept impeccable records, you might need professional help to disentangle marital from separate assets.
You have a lot of money on the line
Hiring a financial accountant is not necessary in every divorce. However, if you are navigating a high-asset divorce, an accountant’s fees may be a small price to pay for ensuring that you receive your fair share.
During your divorce, it is important to account for all of your assets. In complex situations, a forensic accountant may be able to help.