Divorce Forensic Accounting and Property TracingPreparing divorce paperwork, tracing and reporting on income and assets can be a complex tax. A Forensic Accountant can do the groundwork that is needed to disclose the full truth and evidence for a family's wealth and finances.
The Role of A Forensic Accountant In Divorce
Before a divorce can be finalized, the joint assets of a marriage must first be identified. At times, these assets can be:
- Complex and hard to value, like complex investments, real estate, or a business
- Hidden or hard to find, like liquid assets that are held overseas
A Forensic Accountant can help uncover assets and provide a valuation.
Tracing involves identifying assets to establish whether they should be divided or if they were acquired and owned prior to the marriage.
Here are a few of the things a Forensic Accountant can do in preparation for finalizing a divorce:
- Uncover cash, assets, liabilities, and even relationships
Assets can be hidden in a lot of places, such as off-shore accounts.
A forensic specialist may also find assets that the couple is unaware of simply because of his or her lack of participation in the couple’s financial affairs.
Finally, forensic accounting finds things that the other party, innocently, does not remember.
- Corroborate financial information with non-financial information.
- Perform a thorough business valuation that can establish the valuation of a company and the available cash flow from the business.
- Calculate income and cash flow that may be used in calculating support payments.
- Assist your attorney in preparing document requests of the other party.
- Assist your attorney in gathering information to be used in the preparation of subpoenas.
- Provide input during the settlement process on the tax consequences of certain proposed actions.
Once the accountant’s work is done, their accumulated evidence can then be used in the divorce paperwork, and the Forensic Accountant’s evidence can be submitted to the court, should the divorce be contested.
Lisa Mendes, Family and Divorce Attorney
Partner Lisa Mendes leads our family law and divorce practice at Mendes Weed, LLP based in our Walnut Creek office. The law firm has years of successfully securing a solid and healthy future for clients through legal and emotional support.
Lisa is known for her aggressive defense of her clients as well as her knowledge of the law and how it pertains to their situation. She advocates for the rights and well-being of her clients and that of their children and family. She has a reputation for being a very fair negotiator and talented communicator. This streamlines and expedites the process, and helps when dealing with judges and other lawyers.
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