Forensic Accountants in High-Asset Divorces

 Posted on November 28,2014 in High Asset Divorce

When involved in a high-asset divorce, there are key issues which top the list of importance. Child custody may be number one if a divorcing couple has young children. However, for divorcing couples who either do not have children or have children who are grown, their number one priority often involves finances.

Texas is a community property state. This means that all property a couple has acquired during their marriage needs to be split evenly between the two spouses. Additionally, besides the usual bank accounts, divorcing couples involved in a high-asset divorce may own assets such as stocks, professional practices or businesses, various trust accounts, retirement plans, and insurance plans. Couples may have multiple properties in differing states or in foreign countries, as well as antiques, art, and other expensive collections. All of these items make up the marital estate and need to be evenly divided between the two spouses.

Also, one spouse may choose to hide assets or property from the other spouse in an attempt to keep those assets from being included in the marital estate, especially during a contentious, high-asset divorce. Therefore, it can be beneficial to utilize the services of a forensic accountant. A forensic accountant is specifically trained to recognize trends, patterns, and discrepancies that reveal what should be being reported and what is not being reported. Examples of the underhanded tactics a spouse may employ but can be discovered by a forensic accountant include under-reporting income, creating phony debt, overpaying creditors, and transferring assets to fake companies.

If you are on the brink of divorce and are concerned about complex property and high asset issues, or suspect your soon-to-be ex-spouse is hiding assets, please contact an aggressive Austin complex divorce attorney today at 512-610-6199 to ensure you receive all that you are entitled to in your divorce settlement.