Brooklyn Family Law Attorney Explains Why a Forensic Accountant May Be an Important Part of Your Divorce Team
Dividing your financial assets and debts is a critical part of ending your marriage, but how can you do that fairly and effectively if there are hidden assets or complicated debts you don’t know about?
Brooklyn family lawyer Ted Alatsas will guide you every step of the way so that your rights and future financial security are protected. In some cases, our team may recommend hiring a forensic accountant—a financial detective who could be the key to ensuring a fair settlement.
What a Forensic Accountant Does in a Divorce
We often think about the word forensic as having to do with a criminal investigation. However, forensic means using scientific or reliable methods to prepare a case for court. Hiring a forensic accountant does not mean that you suspect your spouse committed a crime. Instead, a forensic accountant specializes in uncovering the truth about your financial situation. For example, a forensic accountant could help with:
- Finding hidden assets. Financial accountants have the skills to trace funds and identify assets that may have been concealed or transferred.
- Asset valuation. Once all assets are identified, financial accountants can assess the true value of businesses, properties, and investments.
- Income analysis. Forensic accountants investigate income sources. This may be especially helpful when dealing with self-employed spouses or complex compensation structures.
- Lifestyle analysis. By examining spending patterns, forensic accountants can uncover discrepancies between reported income and actual lifestyle.
- Anticipating tax implications. Forensic accountants provide invaluable insights into the tax consequences of various property division scenarios.
- Expert testimony. If your case goes to court, a forensic accountant can provide credible expert testimony to support your financial claims.
For these reasons, a forensic accountant’s role in a divorce can be pivotal, but not every case requires their expertise.
5 Reasons to Hire a Forensic Accountant
The financial decisions made during your divorce will impact your lifestyle and financial security for the rest of your life. We will only recommend that you hire a forensic accountant if it is necessary. Some of the reasons why we may encourage you to include a forensic accountant on your divorce team include:
- Leveling the playing field. If your spouse has always handled the finances, a forensic accountant can help you catch up and make informed decisions.
- Uncovering the truth. When you suspect financial foul play, these experts can shine a light on hidden assets or income streams.
- Streamlining negotiations. Armed with solid financial data, you're better positioned to negotiate a fair settlement without prolonged battles.
- Reducing stress. Knowing a professional is handling the complex financial aspects of your divorce can alleviate some of the emotional burden and help you avoid potentially costly mistakes.
- Future planning. Your forensic accountant’s analysis can help you understand your financial position post-divorce and allow you to start planning for your financial future.
What to Discuss with Your Brooklyn Divorce Lawyer Before Hiring a Forensic Accountant
You don’t have to decide whether a forensic accountant is worth it on your own. Instead, we will advise you of the pros and cons so that you can make an informed decision. Some of the things we will consider include:
- A financial complexity assessment. You may not need a forensic accountant if you can identify all assets, debts, and income and have no red flags to indicate potential issues.
- A cost-benefit analysis. We will evaluate the potential costs of hiring a forensic accountant against the expected benefits in your specific case.
- The timeline for your divorce. We will explain how involving a financial expert might affect the duration of your divorce proceedings.
- Alternative options. We may discuss other financial professionals who might assist if a forensic accountant isn't needed.
- Legal strategy. We will explain how financial findings may be incorporated into your overall divorce strategy.
Remember, every divorce is unique, and what works for one might not work for another. Alatsas Law Firm in Brooklyn is here to guide you and ensure you have the right team to secure your financial future.
We are proud of the work we do for our clients. Here is what a few of our clients have said about working with us:
- “Theodore Alatsas is a wonderful, caring, smart attorney. Mr. Alatsas was recommended to me by a friend. I needed a divorce attorney to assist me through an extremely challenging time. Mr. Alatsas took my case and offered guidance and genuine care. He walked me through and provided follow up. His staff was also supportive and very professional. In a divorce there are no winners, but when you have someone in your corner walking you through it, it absolutely makes it manageable. I completely recommend Theodore Alatsas' divorce services.” -Anonymous
- "Ted is an amazing lawyer. I went to him at my lowest point looking for a divorce. He was compassionate and answered all my questions. He explained the process step by step and made me feel so comfortable. He got the job done and made a difficult situation so much easier to handle. He will fight to get you the best possible deal. He truly is THE BEST!" -Carol
We encourage you to read all of our divorce and family law testimonials to learn more.
