Many Tennessee couples know that dividing complex assets, such as a business, retirement accounts and stock and bonds is quite a task for divorce proceedings. As a result, many divorced couples complain that property division was not equitable. Consequently, relationships sour and many estranged couples take the matter to court in order to ensure equitable division of marital assets and debts.
According to some financial advisors, a forensic accountant can help a couple resolve disputes arising from complex valuations of property obtained during marriage. Advisors recommend that an experienced financial planner should be a part of a divorce team, especially when complex assets and debts are part of property division.
Understanding how a forensic accountant can help a separating spouse protect his or her financial interests starts with understanding the various functional areas in which these kinds of accountants excel. First, forensic accountants have a keen eye for detail and are equipped with the knowledge required to unearth hidden and obscure financial records, both personal and business-related. In the process of review, they can uncover any number of unethical practices used that are commonly seen during divorce proceedings.
Many forensic accountants also serve as valuation experts who can help determine the exact value of properties and physical assets that need to be valued accurately in order to ensure an equitable division of marital assets and debts at the time of divorce.
Since financial issues have a huge potential for giving rise to bitterness, it may be a wise option for a couple to have experienced advisors on their team so that they are prepared for any possible negotiation or litigation pertaining to the division of assets.
Source: Forbes.com, “Why A Forensic Accountant Belongs On Your Divorce Team,” Jeff Landers, Sept. 4, 2014