A Forensic Accountant Can Be a Valuable Resource in a High Net Worth Divorce Case

High net worth couples face some additional challenges when getting divorce. The finances can be very complicated and they can be difficult to work out. A forensic accountant is a specialized professional who can be a useful resource. In some cases, parties can share the same forensics accountant. Here, our Clearwater high asset divorce attorney explains the key things to know about the role of a forensic accountant in a divorce in Florida.

What is a Forensic Divorce in a Divorce Case?

A forensic accountant is a financial professional who has the specialized knowledge, skills, and experience to investigate and analyze financial records for use in legal matters. Their work combines accounting expertise with a comprehensive range of investigative methods that are designed to, among other things, uncover financial irregularities. In Florida divorce cases, courts (and attorneys) often rely on forensic accountants to trace assets, determine true financial position, understand financial obligations, and value businesses.

Financial Experts Can Help Detect Hidden Assets and/or Hidden Income

In Florida, parties to a divorce are required to make comprehensive financial disclosures. Indeed, Florida Family Law Rule of Procedure 12.285 requires each party to provide specified financial documents within 45 days after service of the petition for dissolution of marriage. Required disclosures typically include tax returns, bank statements, credit card records, loan documents, and evidence of income. However, not all spouses actually comply with this rule.

A forensic accountant can assist in the identification of financial irregularities that may affect equitable distribution, spousal support, and/or child support. The unfortunate reality is that in a high net worth divorce case one spouse may attempt to conceal assets, underreport income, or move funds through complex financial channels. Forensic accounting analysis can help to bring clarity to the whole financial picture.

Parties to a Divorce May Share a Forensic Accountant (Or Hire their Own)

You can share a financial professional in your divorce case. Indeed, parties to a Florida divorce may retain a neutral forensic accountant to analyze financial records and provide an independent valuation of assets. In high net worth cases, both spouses sometimes agree to share a single financial expert to reduce costs and work together to find a fair solution.

Alternatively, each spouse may hire a separate forensic accountant. That is more common in contested divorces. Competing experts may present different analyses of business value, income, or asset tracing. When that occurs, the court may evaluate the credibility and methodology of each expert before determining the appropriate financial conclusions. 

Call Our Clearwater High Net Worth Divorce Lawyer Today

At the Law Office of Gale H. Moore P.A., our Clearwater high net worth divorce attorney has the professional experience that you can rely on. If you have any questions about the role of a forensic accountant, please contact us today for a confidential consultation. Our firm handles high net worth divorce cases in Clearwater and throughout the broader region in Florida.

Source:

flcourts-media.flcourts.gov/content/download/345287/file/01-2344_rule.pdf