Do I Need to Hire a Forensic Accountant for my Long Island Divorce?
Divorces can be messy, and sometimes, spouses are dishonest in an effort to protect themselves and their assets. If you suspect your spouse to be hiding assets during your Long Island divorce, you will need to contact a forensic accountant. If you are interested in working with a forensic accountant, read on for more information.
What Does a Forensic Accountant Do?
A forensic accountant is an accountant that is involved with legal matters. Forensic accountants are often involved in divorces. He or she may be able to determine one’s true net worth. If you suspect your spouse to be hiding assets, a forensic accountant can examine business records, bank accounts, tax returns, and investment portfolios to see whether or not things add up. If something suspicious is found, it will be reported to the court. The court would then report this information to the IRS, potentially prompting an investigation. Hiding one’s assets can have some serious consequences. A forensic accountant can also uncover unethical behavior such as:
- Creating fake debt
- Padding payroll
- Under-reporting income
- Overpaying creditors
- Transferring assets to dummy corporations
- Purchasing expensive items with undeclared cash
These things are more likely to occur during a high net worth divorce.
What is a High Net Worth Divorce?
A high net worth divorce occurs when the divorcing couple has a combined net worth of $1 million or more. This type of divorce is often longer and more complex, because the more assets a couple has, the more difficult it can be to divide them equitably.
But, a forensic accountant is not only involved in the event of a high net worth divorce, or when there is fraudulent activity occurring. A forensic accountant can also be helpful when it comes to valuating assets. He or she can tell you what a business is worth, as well as the value of tangible items. These items may include art, jewelry, antiques, and rare collectibles. All of these things are important when it comes to a divorce and dividing your marital assets.
If you are interested in working with a forensic accountant, contact our firm today. We are here to walk you through every aspect of the legal process. We understand how stressful a divorce can be, and we want to make sure it goes as quickly and smoothly as possible. If you have any questions or concerns, reach out to us.
Contact our experienced Nassau County firm
The Pollack Law Firm, P.C., rated Nassau County’s “BEST” divorce lawyers and proudly serving clients in Nassau and Suffolk County for more than 22 years, is always available to assist and represent parties in divorce, separation and all other matrimonial and family law matters. Contact us online or call today to schedule your complimentary case analysis: (516) 342-3575.