When couples with substantial assets divorce, the process of determining equalization payments could be contentious. Determining the value of marital property may be a challenging process because both sides must fully disclose their financial interests. Sometimes, the other person in a divorce is reluctant to completely share this information or tries to hide it.
A well-versed high-asset divorce lawyer from The Riley Divorce & Family Law Firm could help you connect with the proper specialists, like a forensic accountant, during this process, so that all assets could be accounted for in a marriage separation. When you have questions about the role of forensic accounting in a Kawartha Lakes high asset divorce case, let a dedicated lawyer from our firm advise you of your options.
A forensic accountant helps to detail discrepancies in the other party’s financial records. While any errors might simply reflect the other person’s honest mistakes or poor bookkeeping, they may be signs that records have been falsified or transactions were obscured. Some ways these issues are identified include:
Often, this part of the process could prove inconsequential or it could end up unraveling an entire scheme by your soon-to-be ex-spouse to defraud you and the court system. In a Kawartha Lakes high-asset divorce case, this role of forensic accounting could be invaluable, and a lawyer from The Riley Divorce & Family Law Firm could work with this professional to make sure your best interests are kept in mind.
A forensic accountant in Kawartha Lakes helps to make sure that any hidden assets are discovered in a high-asset divorce case. Because full disclosure is key to a fair divorce outcome, hiding assets could dramatically impact the fairness of any equalization payments.
A forensic accountant will look for hidden accounts, as it is a common way for people to conceal any assets. This hidden wealth could go beyond bank accounts. In some cases, the other person might have purchased property that both retains its high value and could also be easily resold without a paper trail. Some examples could include unexplained purchases of jewelry, art, or antique furniture.
The income a former spouse claims to be earning could be different from the amount of money they take home each year. Any discrepancy regarding their income could have a substantial impact on the calculation of child support or alimony payments. A diligent lawyer understands how crucial it is to get this number right so that a divorce settlement is as fair as possible.
A forensic accountant could carefully review all manner of documentation in a Kawartha Lakes high-asset divorce to determine a former spouse’s true income. This process goes beyond tracking paychecks and bonuses, and it includes searching for money earned from investment dividends, side businesses, or rental properties. Their efforts might even uncover unreported cash transactions.
One of the complex situations that could make tracking assets especially difficult is when they are retained by a closely held corporation. When a spouse owns their own company, it is possible to defer payments and use the corporate structure to hide assets that might have otherwise become marital property.
When you are involved in a high-value divorce case, it is crucial to make sure that you have trusted professionals advocating for you. You need to be able to rely on a team of experts, including forensic accountants, who could play a key part in helping you get the outcome you deserve during a difficult divorce.
The guidance and support of a skilled lawyer cannot be matched. Reach out to our team at The Paul Riley Divorce & Family Law Firm to discuss the role of forensic accounting in Kawartha Lakes high-asset divorce cases. We are available 24/7 and would be happy to set up an initial consultation at your convenience.
Now you can have your Consultation with Paul Riley any time from the comfort of your own home. With video calls from Zoom, your Team at The Riley Divorce & Family Law Firm can meet with you virtually, and learn about your case. All you need is a smartphone, tablet, laptop, or desktop with a built-in camera and microphone.
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