Finding Hidden Assets for Your Divorce Proceedings

admin | February 11, 2014

One of the most difficult matters to settle in your divorce proceedings will be financial issues that impact both you and your soon-to-be ex-spouse. Sometimes one party will try to hide assets to keep the other one from taking advantage of financial holdings. Many solicitors today are beginning to use the services of forensic accountants to track the flow of money into and out of accounts and to value the business contracts and properties that both parties involved in a divorce have. If you need more information which pertains to child support or alimony, then you should use the expertise of a highly skilled forensic accountant so that the outcome is more favourable and suitable to your needs.

Advantage: Family Money Manager

In the normal family setting, it is normal for one spouse to assume the managerial duties of taking care of the family finances. This gives that spouse an advantage over the other party and can impact the settlement that is reached dramatically; this is why using a forensic accountant to track the amount of assets in a family is important to the party who isn’t as familiar with the family finances. Sometimes the spouse with the higher income is not as forthcoming and may try to hide some of the money so that his or her obligations will be smaller. Often times both parties are very emotional and hide assets that they’d like to keep for themselves after the divorce is over.

Financial Analysis Helps

The forensic accountant can take steps to uncover hidden assets, find assets that have been transferred, and locate income that should be considered in the settlement process. A forensic account will be very knowledgeable about how to review documents and can use accounting principles and techniques for auditing that are beneficial to the party who hasn’t been in control of the money.

An Equal Playing Field

Although divorce rarely has an amicable outcome, providing financially for children or a spouse who isn’t gainfully employed is the responsibility of the earning party. Solicitors may want to hire forensic accountants to help decide how much money is really involved in the divorce and what a fair and just settlement would include. Their services provide a more equitable solution than an otherwise emotional and self-seeking individual might furnish to the spouse lacking in financial knowledge of the family’s finances. Visiting a website such as frenkels.com/ can provide you with a reputable team of professionals who can accurately furnish you with the documentation that you need for divorce proceedings and a settlement that will help take care of you and the children after the divorce is final.

Each divorce is different and has its own set of requirements, but if you feel that your spouse is not forthcoming with the family’s true assets, it may be time to explore the advantages of using a team of professional forensic accountants to ascertain the amount of money that is in the family coffers.

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