For divorcing California couples, untangling their assets and liabilities can be complex. Forensic accountants use an objective and realistic approach to help couples divide their finances. Divorcing couples often face mistrust and anger issues, especially when closing out marital assets. Amicable divorces also benefit from having a professional provide a complete and comprehensive view of their financial position.
Forensic accountants help to alleviate added stress by working with attorneys and couples going through a divorce. Complexities such as managing emotions, children, family, and friends while handling careers and day-to-day life benefit from a support system to help relieve some burdens. Forensic accountants are high-valued professionals hired by divorcing couples desiring a fair and equitable distribution of joint holdings.
The role of a forensic accountant in divorce
Forensic accountants are licensed, certified accounting professionals who specialize in resolving financial conflicts and confusion by recommending equitable asset and liability distributions. Forensic accountants are hired by divorce attorneys but can also be employed by a spouse seeking an economic perspective before filing for divorce.
Financial accountants provide specialized services that include costs greater than regular accountants however using them can save money on costlier divorce proceedings. In high-value divorces, forensic accountants evaluate joint business holdings, property holdings and the value of community shares.
When a forensic accountant is necessary
Working together with your ex-spouse can be challenging. If you share a business, several things after divorce. One spouse might be the sole owner, but the other spouse puts in significant effort to run the business and receives payment or invests money to support the business. A forensic accountant recommends dissolving the partnership fairly by suggesting payout solutions. In divorces with financial complexities, forensic accountants can be very helpful in ensuring a fair settlement.