It’s not uncommon in a Texas divorce that there are a significant amount of assets at stake. Both sides might lodge claims for various properties. This is the foundation for a major dispute between the participants. With a high asset divorce, one or both spouses might even go so far as to try and hide assets to keep it out of the settlement. This is when it will be necessary to take certain steps to find all the assets that might be in dispute. One way that these assets are found is by using a forensic accountant.
More and more people who have significant assets are using forensic accountants. Many times, this kind of accountant will be used to moderate business issues. However, with a divorce, it is also a growing option to find all the assets. Because a wealthy couple will have substantial assets, it can be difficult to know exactly what is there and how much. These assets also might be spread out in different areas making the situation even more complicated.
There could be investments, properties, retirement accounts, collectibles and much more. Some assets could be held in different states or countries. Retirement account values could fluctuate and perhaps be subject to exaggerations or downgrades. If a marriage is ending in dispute and the couple is arguing over everything, it’s not unusual for one or both spouses to use various underhanded tactics to try and keep the other from getting what the person is entitled to. Some spouses keep the other spouse in the dark about their income and might have money streams that were completely unknown. This is when a forensic accountant has to go through the entire portfolio and see what’s there and where it is located.
When there is a divorce moving forward and the couple is wealthy, property division could be one of the biggest obstacles to a timely settlement. If there are concerns that some form of trickery is involved, the first step is to speak to a legal professional about how a forensic accountant can be beneficial to a just resolution of the case.
Source: Forbes, “When The Wealthy Divorce, They Regularly Engage Forensic Accountants,” Russ Alan Prince, Sept. 22, 2015