In previous blogs, we've discussed the property division process - and how in many divorces, it's the most contentious part of dissolving a marriage. Unfortunately, spouses sometimes try and hide assets from their soon-to-be-ex during divorce, violating their fiduciary duty.
Could a forensic accountant help you uncover hidden assets and find the best path forward in your divorce? That's the question we answer in today's blog. To work with our team on your divorce and get the legal counsel you deserve, contact us online or via phone at (303) 647-4245.
How Do People Hide Assets During Divorce?
During divorce, both divorcees have a fiduciary duty to each other and the court to be completely forthcoming about all separate and marital property they possess, and how they manipulate those assets and liabilities during the divorce process.
Unfortunately, parties sometimes attempt to get a better result than they deserve in property division cases by attempting to hide assets from their spouse in various ways such as:
- Opening up a new bank account without notifying their spouse or the court, and siphoning income into it to make themselves appear less lucrative;
- Siphoning off income through other individuals, such as friends or employees;
- Purchasing material assets "off the record," with the intent to re-sell those assets to make back any money spent on them during the divorce;
- Intentionally speculating that certain assets are less valuable than they actually are;
- Taking out "loans" from individuals such as friends that they don't intend to pay off to appear less financially stable than they actually are;
- And more.
How Can a Forensic Accountant Help?
Forensic accountants are individuals specifically trained to follow the path of certain assets and liabilities and how the individual who owns them uses them. Additionally, forensic accountants are trained to uncover small discrepancies in financial statements.
If you believe your spouse may try and hide assets during a divorce or are engaging in a high-asset divorce where accurately valuing property is crucial, you may want to consider working with a forensic accountant.
Speak with your attorney. Most lawyers have developed relationships with third-party professionals and expert witnesses such as forensic accountants over years of practice. They can refer you to an individual who will not only help you, but is also comfortable working with your attorney to support your case.
To schedule a free consultation with our team and receive the legal counsel you deserve during your divorce, contact us online or via phone at (303) 647-4245.