Forensic accountants are people who specialize in getting to the bottom of financial matters. From hidden assets to property infringement to record reviews, a good forensic accountant has many skills that can be applied in a variety of ways.
While divorce cases might not be the most frequent way forensic accountants apply their skills, for those who are involved in a divorce it can be an extremely important one. In fact, forensic accounting and divorce go together in ways that you might not have previously considered.
The Connection Between Forensic Accounting and Divorce
The main reason forensic accountants are brought in to work on divorce cases is because financial issues are paramount to these types of cases. This is where forensic accountants come in. How exactly do forensic accountants work during a divorce case? There are several things they can do:
- Statistical analysis: forensic accountants can take a look at a person or organization’s financial records and closely examine them to determine how likely it is that these records are accurate. This analysis provides a preliminary assessment of the records before they start their investigation.
- Providing testimony during a divorce hearing: experienced forensic accountants will use their previous history to testify regarding their interpretation of financial documents or records of a person involved with a divorce.
- Interviewing key people related to the financial elements of a divorce: people, like financial advisors, business associates, and anyone else that is relevant, are often interviewed by investigators to find out more information about the true nature of the finances of people who are divorcing.
These are just some of the scenarios where you would commonly find a forensic accountant working on a divorce. If you are looking to hire one of these professionals to help with your case, there are some important things to know to get the most from their services.
Forensic Accounting and Divorce Best Practices
Once you have been able to retain the services of a dependable forensic accounting firm, it is important that you give them as much information as possible. Any type of joint financial records or statements that you have available will be of value to your accountant, as will certain types of bill payments and balances. You also want to be sure that you establish a very open line of communication with your accountant so they are always updated on new developments that may impact their ongoing investigations. Be sure that you have a way to document what they find from their investigations by getting a written statement or similar type of record from them.
Read more articles about forensic accounting:
- How To Save Money When Hiring A Forensic Accountant
- What is Forensic Accounting & How Can It Help You?
- Forensic Accounting: One Of The Fastest Growing Careers