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Why You May Need a Forensic Accountant for Your Divorce

How Forensic Accountants Can Help During the Divorce Process

A forensic accountant can be a valuable asset in your divorce case. Their job involves using accounting, auditing, and investigative skills to look into money-related issues in your case.

They forensic accountant will review contracts, bank records, employment records, tax returns, retirement and investment accounts, and other financial documents or accounts. In analyzing these documents, they can help you with the various financial elements of a divorce (i.e. alimony, child support, asset division, etc.). Below, we will discuss the other services a forensic accountant can offer you.

Forensic Accountants Help in the Discovery Process

During the discovery phase, both parties will gather information and evidence. If you retain a forensic accountant, they can help you uncover hidden assets, review the provide financial information for accuracy, and obtain financial evidence for your case.

Forensic Accountants Can Accurately Place Value on Assets

California is a community property state, which means that assets and debts accrued during your marriage will be divided equally. To ensure the division of property is fair and equal, you will need to have an accurate assessment of their worth. A forensic accountant can determine whether a property is marital or separate property, and they can perform a valuation on either party’s business or professional practice.

Forensic Accountants Can Calculate Either Party’s Income

To ensure that alimony and/or child support payments are calculated correctly, you will need to know each party’s gross income. A forensic accountant can investigate and determine both party’s available income and owed debts.

Forensic Accountants Can Testify in Court

Under California Evidence Code § 720, a person can act as an expert witness and testify if they have “special knowledge, skill, experience, training, or education” that qualifies them as an expert concerning the topic for which they are testifying. Your attorney can bring your forensic attorney to court and have them provide expert testimony concerning their findings, which can strengthen their case.

Forensic Accountants Can Advise You Concerning Financial Liabilities

A forensic attorney can counsel you on how transferring or retaining certain assets can impact you, and they can help you avoid or prepare for certain liabilities. Your child custody and property division agreement can have an impact on your financial future and taxes. Because of the Child Tax Credit, only one parent can claim a dependent, which means only one party will save money on their taxes. If you divide or transfer assets, you and/or your ex-spouse may owe taxes; capital gain taxes are taxes imposed on any profit gained via the sale of mutual funds, stocks, bonds, real estate, or other non-inventory items.

Retain Singleton Smith Law Offices

If you are filing for divorce or have been served divorce papers, we are equipped to help you understand your legal options and develop a strategy to protect your best interests. We can also connect you with a reliable forensic accountant if you need one. Our attorneys have the experience needed to handle:

  • Military divorces
  • High asset divorces
  • Divorce mediation
  • Contested or uncontested divorces
  • Native American divorces

Need a reliable attorney and forensic accountant on your team? Contact our office online or call (951) 779-1610 to schedule an initial case consultation.