BROOKLYN, New York. While divorce is an emotional decision to end a relationship, it is also a legal decision involving the division of assets, debts, and property. Some couples have simple financial situations, but for couples with complex financial lives, divorce can be not only complicated, but contentious.
According to Forbes, some of the more complicated assets include: stock options, deferred compensation, trade secrets, trusts, property, or assets in different states and countries, and rare items or art that need to be appraised. While your divorce lawyer can review your divorce agreement and alimony agreement to protect your interests, when it comes to the complex tax implications or division of complex financial instruments, high net worth individuals should consider hiring a forensic accountant as part of their divorce team.
For example, in contentious high net worth divorces, the moneyed partner may try to delay the divorce proceedings, and then provide disorganized documentation about assets that can lead to higher divorce attorney fees. If your former partner owns his own business, for example, it can be very challenging to determine what his or her real income is. A forensic accountant can analyze profit and loss statements and determine whether the numbers are being manipulated to hide assets or income. A good forensic accountant will be able to spot red flags like underreported income, transferring assets to shield them, and other tactics that individuals might use to make their income look lower than it actually is.
A forensic accountant can also take the time to properly asses the value of certain assets.
A forensic accountant can also protect you from some of the worse divorce horror stories. Business Insider reported on how a forensic accountant helped a woman determine the true value of her husband’s business, even after he had lied to lawyers and to another forensic accountant. A good forensic accountant may be able to see through the lies and help you get the settlement you may deserve under the law. In another case, a forensic accountant was able to help a woman discover that her husband had been living a second life while on business trips in France. He had been using the couple’s shared money to support a second girlfriend. At the end of that divorce, the wife received a six-figure credit for the losses she suffered.
Hiring a forensic accountant can pay off, especially if you suspect that your ex may be lying to you about assets, debts, or spending habits. Even if your divorce is amicable, a forensic accountant can properly value your shared estate, and help you and your ex understand the tax implications of your divorce settlement. With changes to the tax code happening this year, this can be incredibly valuable.
If you are getting divorced and have a high-asset divorce, having a strong team on your side is essential. The Elliot Green Law Offices are divorce lawyers in Brooklyn, New York who can help you reach an alimony and divorce settlement that’s fair and right for you and your family. Take action today. Visit our firm at https://www.elliotgreenlaw.com/ to learn more about how we can protect your rights and financial life.
Elliot Green Law Offices
32 Court Street, Suite 404
Brooklyn, NY 11201