Divorce can be a complex and emotionally charged process. One of the most contentious aspects often involves the division of marital assets.
In Georgia, equitable distribution laws guide this process. Still, arriving at a fair division can become challenging when assets are complex or when a spouse suspects financial deceit. Here are some reasons you may need to hire a forensic accountant in your divorce.
Uncovering hidden assets
One significant area where a forensic accountant can be of immense help in a divorce is in discovering hidden assets. It is not uncommon for a spouse to attempt to conceal assets to influence the outcome of the asset division. Forensic accountants can track financial records meticulously, identifying inconsistencies and uncovering assets that a spouse might have hidden.
Assessing complex assets
Forensic accountants also play a key role in valuing complex assets. Businesses, real estate, retirement accounts, investments and even intellectual property can be difficult to assess. A forensic accountant can provide an accurate valuation of these assets, ensuring a fair distribution based on their current and future worth.
Tracing separate and marital assets
Another crucial function of a forensic accountant in a divorce is tracing the line between separate and marital assets. In many marriages, the courts consider assets acquired before the union, such as inheritances and gifts, as separate property. On the other hand, assets acquired during the marriage generally fall under marital property. Over time, these lines can blur, especially with the commingling of assets. A forensic accountant can dissect complex financial situations, distinguish between separate and marital assets and provide a clear, defensible analysis. This can help ensure an equitable distribution that respects both parties’ contributions and rights.
Involving a forensic accountant in a Georgia divorce case is not always necessary, but it can be a strategic decision. While not always required, having a forensic accountant on your team can be a strategic move to protect your financial interests in a divorce.