Forensic Accounting Investigations and High Net Worth Divorce
High net worth couples face unique challenges in divorce. In many cases, high income individuals own complex assets. There are often serious questions about what is owned and how much the property is worth. A forensic accountant can help bring clarity in a dispute. Further, a professional investigation can uncover otherwise hidden assets. Here, our Coral Springs and Boca Raton attorneys understand high net worth clients and explain the most important things you should know about forensic accounting investigations and divorce.
What is a Forensic Accounting Investigation?
When most people hear the term ‘forensic’ they think for crime scenes. You may not know that the term is also used in the accounting world. As explained by the Forensic CPA Society, a forensic accounting investigation is a document-intensive financial investigation focused on assessing financial records in an independent, objective manner.
The results of a forensic accounting investigation can be a compelling piece of evidence in court. In business, a forensic accountant may be brought in when there are allegations of fraud. In divorce, a forensic accounting investigation may be used to uncover hidden assets or identify dissipation of assets.
When is a Forensic Accounting Investigation Useful in a Divorce?
As a general rule, a forensic accounting investigation is extremely beneficial if there is a dispute over the existence and/or valuation of assets. In Florida, all parties to a divorce are required to make mandatory financial disclosures to their spouse. Failure to do so could lead to sanctions by a court. Nonetheless, some people still fail to disclose and seek to hide their assets as required by Florida law.
A forensic accountant can help by reviewing the financial documents and records that you have and assessing if a gap exists. If there is evidence of hidden assets or undervalued assets, a forensic accountant may be able to provide additional guidance on what exactly is going on with your spouse’s finances. With this detailed information, your attorney can formulate a plan of action.
We Can Help You Uncover Hidden Assets in a Florida Divorce
If you are preparing for divorce and you believe that your spouse has not disclosed all of their assets, our South Florida high net worth divorce attorneys are more than ready to help. We have the skills and knowledge needed to help our clients uncover concealed assets and take action to get their fair and equitable share of the marital estate. We will evaluate your case and advise if you can benefit from a forensic accounting investigation. If so, our legal team will include a qualified financial professional.
Call Our Florida High Net Worth Divorce Lawyers for Immediate Help
At Williams & Varsegi, LLC, our South Florida family law attorneys have extensive experience representing spouses in high net worth divorce cases. If you have any questions or concerns about forensic accounting investigations or hidden assets, we can help. Contact us today for a strictly confidential initial consultation. With legal offices in Coral Springs and Boca Raton, we serve communities throughout Broward County and Palm Beach County.
Resource:
fcpas.org/about-us/what-is-a-forensic-accountant/
