High-asset divorces often raise a myriad of financial issues. The financial matters in such divorces can be deeply complex and touch on many areas. Thus, properly addressing financial issues in a high-asset divorce can often require the help of a well-constructed divorce team.
When it comes to your divorce team in a high-asset divorce, it is very important for it to have the right members for your particular situation. Skilled divorce attorneys can help individuals who are going through a high-asset divorce with building their divorce team. Such attorneys can help individuals determine what kinds of professionals should be on their team given the types of financial issues raised in their divorce. Such attorneys can also work closely with the other professionals on a person’s divorce team to help ensure that the divorcing individual has all the information they need for the decisions that will come before them in the divorce.
One type of financial professional divorce teams sometimes include are forensic accountants. Two things that can sometimes prove very complicated in high-asset divorces are determining exactly how much certain assets are worth and determining what the exact income level of one’s soon-to-be-ex-spouse is. Having accurate income level and asset value information can be vital when in negotiations or proceedings involving issues like property division. Forensic accountants can help with complex asset valuations and income determinations.
Forensic accountant use by wealthy individuals has been on the rise in recent years. It is thought that use of forensic accountants in divorces of the wealthy is one of the driving factors in this.
What sorts of things do you think are leading to increased forensic accountant use by high-asset individuals?
Source: Forbes, “When The Wealthy Divorce, They Regularly Engage Forensic Accountants,” Russ Alana Prince, Sept. 22, 2015