When a divorce involves high-value assets, uncovering hidden assets can be a crucial factor in shaping the outcome of the case. With the stakes high, it is essential to have an understanding of the tools that identify and value marital assets.
One such tool is forensic accounting, which combines financial expertise with investigative skills to uncover hidden assets. If you are facing a high-asset divorce, how can forensic accounting help you protect your interests?
Is forensic accounting necessary?
In high-asset divorce cases, one spouse may attempt to hide some assets to avoid dividing them with the other spouse. They can do this by transferring assets to friends or family members or hiding income or assets in offshore accounts. They can also conceal assets in complex financial instruments or misrepresent the income or expenses of their business.
Meanwhile, forensic accountants can uncover hidden assets by using various techniques, such as:
- Analyzing financial statements and tax returns
- Reviewing bank and credit card statements
- Conducting interviews with witnesses and experts
- Using data analytics and forensic software
Thus, forensic accounting is essential because it can help to ensure the identification and accurate valuation of all marital assets. This may influence the outcome of a divorce, including property division and spousal support.
The importance of disclosure
In Michigan, parties must comply with the law regarding the disclosure of information relevant to their case. In high-asset divorces, this includes all pertinent financial information, including income, expenses and assets.
Aiming for a fair distribution of marital property
A high-asset divorce is not just a legal battle but also a personal and emotional journey. By seeking an advocate, you may better handle the intricacies of the law and the technicalities of your divorce as you seek to protect your rights and aim for a fair distribution of marital property.