Dealing with divorce disputes and matrimonial disputes can be difficult, but it is essential to ensure that all assets and income are distributed fairly and openly. A forensic accountant will do just that, and leave no stone unturned in their investigation.
Forensic accountants will assess a couple’s shared investments and assets to gain a clear understanding of the total value of their wealth. If necessary, they also have the expertise required to trace and identify any hidden assets or undisclosed income. While this may seem extreme, it is not uncommon for one party to attempt to hide assets if they have property or money that they do not want to be discovered.
In particularly contentious matrimonial disputes or divorce proceedings, one of the parties may be unwilling to fully comply with the process. Anything that is missing from the final valuation cannot be distributed, so it is essential that all assets are properly identified before anything is divided.
The valuation of assets and other property or business interests can be incredibly complicated. This is especially true in the corporate world, where items can often be hidden internationally. Other examples of how money can be hidden include giving money to friends or family to keep hold of until the proceedings are finished with.
Failing to utilise a forensic accountant could mean that one side of the dispute loses out on the total sum that they are entitled to. If this happens, they also run the risk of needing to re-open legal proceedings to recoup any assets that may have been hidden from them previously — something that can be extremely costly and time-consuming, and still does not guarantee that they will receive all the money owed.