High net worth divorces can be difficult. A high net worth divorce occurs when the divorcing couple has a combined net worth of $1 million or more. The couple will have to deal with all of the aspects of a normal divorce: division of assets, child custody, alimony, child support, and so on. But, the more assets a couple has, the harder it may be to divide them. As a result, high net worth divorces can become complicated, and sometimes, a forensic accountant will need to get involved.
Why Would I Need a Forensic Accountant?
In some cases, one or both spouses will attempt to keep certain assets hidden. This may be done for a variety of reasons. But, when it comes to a divorce, high net worth or not, both parties must disclose all of their assets. This is done to make fair and equitable decisions regarding the division of assets, which cannot be done if there is any dishonesty involved. If one party suspects that the other party is hiding assets, or partaking in any other unethical behavior, he or she may hire a forensic accountant to look into the matter. A forensic accountant can help determine a party’s true income by scrutinizing business records, bank accounts, tax returns, and investment portfolios. Additionally, a forensic accountant can uncover unethical practices, such as:
- Creating fake debt
- Padding payroll
- Under-reporting income
- Overpaying creditors
- Transferring assets to dummy corporations
- Purchasing expensive items with undeclared cash
It is important to note that if a forensic accountant does find any of the above, it will be reported to the court. The court would report any fraudulent activity to the IRS, prompting further legal trouble. So, it is in your best interest to be honest about your assets. Work with a skilled divorce attorney who will help protect you and your assets during your divorce.
But, a forensic accountant can come in handy even when you don’t suspect any fraudulent activity. You may use a forensic accountant in order to valuate certain tangible items, including art, antiques, or rare collectibles.
If you are getting a divorce and you wish to work with a forensic attorney, reach out to our firm for more information. We are here to discuss all of your options and walk you through the process.
Contact our experienced Ocean City firm
Matters of divorce and family law require the attention and skill of an experienced attorney who will fight for your future. Not only is your financial well-being at stake, but in a divorce, both you and your children’s emotional well-being are at risk as well. If you need a divorce and family law attorney in Ocean County, New Jersey, please do not hesitate to contact the Law Office of Sarina Gianna, LLC today to schedule a consultation.