Divorce is a double whammy of stress because it tears apart both your emotional and financial life. And, just like you get professional mental health services to help you with your emotional stress and turmoil, sometimes, you need a Lawrenceville, Georgia, forensic accountant to help you navigate the divorce process. This is especially true where there is a possibility of hidden assets and complicated income situations.
A Lawrenceville, Georgia, forensic accountant is a specialized accountant who uses their accounting and auditing skills, in addition to investigative skills to accurately determine the full scope of your marital estate. Forensic accountants can also assist with complicated valuations, like business, trust and corporate valuations.
How can they be used?
In court, your Lawrenceville, Georgia, forensic accountant is a financial expert witness who can testify about the true value of the marital estate, including valuations, and testify as to the reasonableness of expenditures (both for or against). They can also testify on issues of support, like child and spousal support. They can be a vital part of litigation, especially in contentious divorce litigation and where spouses are in non-traditional businesses or have non-traditional income streams.
Outside of litigation, your forensic accountant gives you a full accounting of your separate estate and the marital estate. They can help value artwork, cryptocurrencies, etc. Plus, they can share their opinion on tax implications. This information can help with negotiations and ensure that both parties are on the same page in the property division process, especially if you were not the one in the relationship that handled the finances.
Do I need a forensic accountant?
Not all Lawrenceville, Georgia, divorces need forensic accountants. Small marital estates likely do not need one. However, complicated and litigious divorces may need one, even if just to be an independent, third-party evaluator of the marital estate. If there are potentially large assets that need valuation, like art, crypto-assets, etc., a forensic accountant could be helpful. And, where there are fears of hidden assets, a forensic accountant can be essential.