Many couples in Michigan would probably agree that in the event of a divorce, dividing complex assets such as business assets, retirement accounts and stocks and bonds is quite a task. As a result, many separated couples complain after the divorce that the property division was not equitable. Consequently, relationships sour and many estranged couples take the matter back to court in order to ensure equitable division of marital assets and debts.
According to some financial advisors, a forensic accountant can help a couple resolve disputes arising from complex evaluations of property obtained during a marriage. Therefore, they recommend that an experienced financial planner should be a part of a separating spouse's divorce team, especially when there are complex assets and debts, which would be a part of property division after a divorce.
In order to understand how a forensic accountant can help a separating spouse protect his or her financial interests, it is important to understand the various functional areas where such accountants excel. First, forensic accountants have a keen eye for detail and are equipped with the requisite knowledge to unearth financial records, both personal and business-related. Therefore, they can uncover a number of unethical practices pertaining to assets and debts that are commonly seen during divorce proceedings.
There are many forensic accountants who double up as evaluation experts. This skill may not help in discovering hidden assets, but it can surely help in determining the values of a number of articles. These articles may be a part of the marital property that needs to be definitively valued in order to ensure an equitable property division.
Since financial issues have a huge potential for giving rise to bitterness, it may be a wise option for couples to have experienced advisors on their team so that they are prepared for any possible negotiation or litigation pertaining to the division of assets.
Source: Forbes.com, "Why A Forensic Accountant Belongs On Your Divorce Team," Jeff Landers, accessed Feb. 12, 2015.