Do I Need to Hire a Forensic Accountant for My Divorce in Michigan?
If you are going through a divorce in Michigan, you might need to complete a deep dive into your finances. And when presenting records of your finances to the court, you need to make sure that everything is accurate.
In these situations, many people hire forensic accountants. Hiring a third party that specializes in thorough finance investigations helps you ensure that all the information you present in court is truthful and accurate.
What Can a Forensic Accountant Help With?
When a couple goes through a divorce, forensic accountants are usually brought in to provide valuations of specific assets. These include businesses, companies, and trusts.
Due to the intricate nature of these assets, having a third party with accounting training can benefit both parties. Beyond valuation, a forensic accountant can assist with evaluating expenses and locating hidden assets.
How a Forensic Accountant Functions in Court
Forensic accountants are experts in financial auditing, investigating, and accounting. In the context of a divorce, a forensic accountant helps with business valuations and damage calculations so that each party can ensure a fair division of assets. If fraud or theft is involved, a forensic accountant will be able to investigate it.
In addition to investigating, they can serve as an expert witness for testimony and write critical reports. They also assist with resolving disputes before litigation occurs. And when assisting with a case that progresses to trial, forensic accountants can supply a detailed description of damages.
The Benefits of Having a Forensic Accountant in Your Divorce Proceedings
Divorces usually involve the division and allocation of assets. This is a domain where a forensic accountant can come in handy. They will be able to:
- Provide a division of assets
- Serve as an expert witness if necessary
- Explain the tax implications that accompany getting rid of specific assets
Additionally, a forensic accountant can investigate whether a party is attempting to hide assets and apply pressure to achieve full financial disclosure. This makes the divorce progress much more smoothly than it would if both parties relied solely on their own understanding of the situation.
Instances Where a Financial Accountant Can Help During a Divorce
There are several scenarios during a divorce where forensic accountants can prove especially useful. Consider hiring one if you need financial data related to any of the following:
- Child support
- Spousal support
- Location of hidden assets
- Division of assets
- Location of business assets
Some people erroneously believe that forensic accountants should only be used in high-profile divorces. In contrast, forensic accountants can help regardless of the number of assets involved, especially if the information they are dealing with is complex.
Have Questions About Your Divorce? Contact Gucciardo Family Law
Don’t let your divorce get out of control; contact Gucciardo Family Law today. Our thorough approach to all matters pertaining to family law has helped countless clients with their divorce proceedings. Contact us today to schedule a consultation and get a sense of how we can use our resources to help you.
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