Divorce is sometimes not an easy process to go through for couples in Minnesota and elsewhere. It can be very emotional, difficult and, in some cases, very complex. In a high asset or wealthy divorce, divorcing couples might dispute who gets what. Property division is often one of the most contentious issues during dissolution. Spouses often need assistance with resolving these problems and moving forward with the process.
In some cases, experts and professionals are needed to sort through all of the issues of property division. While legal professionals are extremely helpful and beneficial, financial experts are often required to locate assets and understand what is involved in the property division phase and what the value is of the assets and property.
A forensic accountant can help with various property division issues. One major reason a spouse might seek the assistance of this expert is to obtain a full financial disclosure. While each spouse is entitled to a full financial disclosure during the divorce process, this does not always mean each spouse is forthcoming. In some cases, a spouse might attempt to hide certain assets from the divorce process. When this occurs, a forensic accountant assesses each individual income, the monthly budget of each spouse, liabilities and all existing assets.
These experts have the tools required to secure the necessary full financial disclosure. They could even determine if any fraud has occurred or if a spouse was being deprived of property or assets owed to them. If a spouse is hiding assets or making the property division process challenging, it might be beneficial to include a forensic accountant in the process. This could help protect your interests and rights and assist with obtaining a final divorce decree.
Source: Nj.com, “When divorcing spouse is hiding money,” Karin Price Mueller, June 5, 2017