When you are facing divorce, regardless of what led you to this point, this period can be particularly challenging as you navigate a new and uncertain phase of your life. Any divorce case has the potential for complications. However, situations where one or both parties have considerable assets can present several unique considerations. Working with a diligent high net-worth divorce lawyer from The Riley Divorce & Family Law Firm who could advocate for you during this time could make a difference in the success of your case.
It may be necessary to work with other professionals, such as a forensic accountant, to identify and evaluate the full scope of assets involved, and our lawyers have the connections for this process. The role of forensic accounting in Ottawa high-asset divorce cases is often indispensable to ensure that you achieve an equal distribution of marital property.
Forensic accounting plays an essential role in many Ottawa high-asset divorce cases. While there are some notable exceptions like inheritances and gifts, generally speaking, property acquired during the marriage is subject to equitable division if a couple divorces. The law says that each party is entitled to 50% of the fair market value of the assets acquired during the marriage. That 50-50 split applies to debt acquired during the marriage as well.
High net-worth divorce cases frequently involve holdings that extend across asset classes both domestically and offshore. Moreover, property that was acquired before the marriage can sometimes become mixed with the marital assets. Experts like forensic accountants may be required to gain an accurate picture of the extent of debt and assets to calculate the net family property. Debt could include personal or business liabilities. Assets could include:
A forensic accountant can also be needed to identify and evaluate assets that one party is trying to shield from the divorce proceedings, whether those are real or personal property. The findings of a forensic accountant will not only have an impact on the way property division happens, but it can also affect other elements of a high-asset divorce case, such as determining spousal support, potential tax ramifications, and lifestyle maintenance.
While it is against the law to attempt to shield assets from discovery in any Ottawa divorce case, if high assets are at stake, the role of a forensic accountant can prove even more integral in these proceedings where these illegal actions are far too common. There could be many motivations for one spouse to try to hide assets from the other.
For example, the spouse may be trying to prevent the assets from inclusion in the net family property calculation or attempting to hide certain activities from discovery. Extravagant purchases, sudden mounting debts, or large transfers of assets could all be potential signs that you may need a forensic accountant to determine what your former spouse is doing. A forensic accountant is trained to leverage a broad range of resources and tools to identify missing or hidden assets. These methods could include digital forensics, background checks, extensive investigations and document review, and even surveillance in some cases.
There may be multiple reasons you will want to consider the role of forensic accounting for your Ottawa high-asset divorce case. Even when you have an amicable relationship with your spouse, a lawyer could work with a forensic accountant who can ensure that nothing slips through the cracks and that all assets are included for the purposes of calculating the fair value of all assets at stake.
A forensic accountant can also prove invaluable if you believe that your spouse may be trying to shield assets from consideration. The lawyers at The Riley Divorce & Family Law Firm are available 24/7 to assist you. Call now to speak with a well-versed lawyer about your case.
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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