Three Reasons to Hire a Forensic Accountant if You are Getting Divorced

Divorce is a lot about money and when finances are involved, things can quickly become complicated especially for larger estates.  It is not uncommon for one spouse to have more financial knowledge or control than the other.  Sometimes a spouse could attempt to hide, obfuscate, even steal assets, if they are fearful that after an unavoidable divorce, they may not be left with what they think of as “enough.”  That is why many people hire forensic accountants during divorce.  Acting as financial detectives, they track down hidden income, investigate suspicious financial activity, and make sure you have a clear picture of your financial situation.  While not every divorce case needs one, here are three reasons to consider hiring a forensic accountant if you are going through a divorce.

Avoid unnecessary spending and stress

No one likes the idea of spending more money during a divorce and hiring a forensic accountant will come with a cost. However, a forensic accountant can actually save you a lot of money and time, while also giving you the peace of mind that everything is being looked at and taken care of. A forensic accountant can ensure that you know what is going on and what has been going on in your financial portfolio, and ensure you are in a position to take steps towards rectifying any misdeeds and landing with a fair settlement.

Uncover Hidden Income and Assets

Some situations are more prone to abuses taking place. If your spouse has their own business, for example, it can be challenging to accurately identify all of their income and assets. A forensic accountant is experienced in identifying hidden income sources and assets, and transactions that could otherwise disappear unnoticed.

Level the Playing Field

Sometimes there is a large disparity between the higher earning spouse and lower earning spouse. When one spouse has a much higher income than the other, that spouse is often the one to have a finger on all of the household finances. You don’t know what you don’t know, and a forensic accountant can ensure that all assets and sources of income are identified.

Contact Cardwell Steigerwald Young LLP

Forensic accountants are not always necessary in every divorce. But there are times and situations where their knowledge and expertise greatly benefit their client. Contact an experienced San Francisco divorce attorney at Cardwell Steigerwald Young LLP to learn more and begin discussing your case with our team.