
If you are facing a divorce, financial transparency regarding assets and income is critical. This information provides the foundation for nearly every aspect of a divorce agreement. As such, lawyers often lean on the expertise of forensic accountants when a divorce is particularly complex or involves significant assets. Please continue reading to learn why utilizing the expertise of a forensic accountant alongside a determined Garden City Divorce Lawyer is in your best interest to achieve a favorable outcome.
Do I Need a Forensic Accountant for My NY Divorce?
Unfortunately, divorce doesn’t bring out the best in people. Those fueled by anger may engage in unethical practices to try and tip the scales. Forensic accountants will use their investigative skills to uncover financial discrepancies and potential fraud to ensure a fair settlement. They often reach their conclusions by scrutinizing tax records, property deeds, bank statements, paycheck stubs, investment portfolios, retirement account statements, and other financial records.
When financial misconduct is discovered during divorce proceedings, the consequences are significant. For instance, if a spouse deliberately conceals assets or income it’s considered bad faith. The court doesn’t look kindly on actions intended to undermine the other party. As such, you can expect to be penalized by the court with a less favorable division of assets, having to pay the other spouse’s legal fees, or even potentially facing criminal charges for fraud in extreme cases. If you are worried about fraud, they can help uncover the truth by investigating whether they have created fake debts, padded their payroll, underreported their income, or did something to influence spousal support, child support, or property division determinations. They will locate discrepancies in financial statements.
A forensic accountant can help ensure full financial disclosure and accurate asset valuation to promote a fair distribution of marital property. Additionally, during proceedings, you will be faced with various decisions that can impact your financial security. Certain decisions have tax implications that can affect your future. A forensic accountant can advise you on those implications to ensure you make an informed decision regarding settlements and support arrangements.
Forensic accountants can provide expert testimony in court, presenting their findings clearly and concisely. It’s important to understand not every divorce requires a forensic accountant. You should consult an experienced Garden City divorce lawyer to determine if retaining one is necessary given the unique circumstances of your case. At the Law Offices of Eyal Talassazan, P.C., we are prepared to answer your questions and protect your interests at every turn. Connect with our firm today to discuss your case.