A Washington resident can work their whole life to build their business and secure financial assets to ensure a comfortable retirement and legacy for their family. However, if their marriage comes to an early end due to divorce, they may have questions and concerns about how their money and property will be divided once their relationship is over. They may even have concerns about whether their spouse has acted appropriately with regard to their shared financial assets.
When significant money and assets are on the table during a divorce, it is critical that individuals have a clear and accurate picture of just what must be divided pursuant to their property settlements. This post will discuss forensic accounting in the context of divorce proceedings and how these professionals can help high-asset divorce clients ensure accuracy in proceedings. No part of this post should be read as financial or legal advice and all questions about property and financial matters related to divorces should be directed to attorneys who handle high-asset family law matters.
What is forensic accounting?
Forensic accounting is a subdiscipline of accounting that involves investigation as well as number crunching to ensure accuracy and financial transactions. Financial accountants work on legal matters across many disciplines including criminal law and family law. In the context of a divorce, a forensic accountant can provide many invaluable services.
For example, a forensic accountant may help a party ensure that their property and assets are properly valued before they are divided with their spouse. Additionally, a forensic accountant can work through financial paperwork to ensure that financial transactions did not violate the terms of any divorce agreements or laws. In short, a forensic accountant can check all the money trails created by high-asset divorcing parties to ensure accuracy, legality, and fairness in asset-related divorce decision-making.
Why is it important to get asset and property division matters right?
Once a final divorce decree is issued and two Washington residents have separated their lives from each other through divorce, it can be very difficult to go back and make corrections to the financial decisions that were made during their divorce proceedings. An improperly valued asset or a questionable hidden transaction may inappropriately enrich a party to the detriment of their ex-spouse. Fighting to right such wrongs may be stressful and financially burdensome to individuals who have only just finished their divorces.
High-asset divorces should be handled by attorneys who understand high-asset divorce issues. Professionals who work in this field understand the value of seeking the help of forensic accountants and other financial authorities who can bring clarity and compliance to property and asset-related matters. Choosing to ignore these issues can be costly to individuals who have worked hard to build their portfolios and grow their assets for the future. High-asset divorce attorneys can assist them to make responsible choices to protect their futures and their lives after their divorces.