You and your spouse currently live apart. Whether you're happy with your separation agreement or anticipate a full-fledged divorce, it's crucial that you understand the financial implications of your new relationship status. Unfortunately, your ex may make it all but impossible to understand your financial situation – and you may be worried about your future.
This is where a forensic accountant can come in handy, as these professionals can help you get a comprehensive review of both parties’ finances and investigate any hidden assets. At DiPietro Law Group, PLLC, our Maryland legal separation attorneys have over 100 years of experience practicing family law, and we can help you determine if a forensic attorney is right for your situation.
Below are a few of the ways a forensic attorney can help during your legal separation.
Classifying Marital and Separate Property
Years of intermingling may have hopelessly complicated your finances, and it may be difficult to tell whether your properties can be classified as marital or separate. A forensic accountant may be able to unravel your current financial mess and expedite the classification process, hastening otherwise lengthy legal proceedings. Depending on your preferred approach, a forensic accountant could prevent court altogether, as such experts are often included in official panels for collaborative separations or divorces.
Conducting a Business Evaluation
Business ownership adds further complications to already frustrating property division proceedings. Your forensic accountant can help you determine the present value of marital business assets, and if necessary, testify in court on your behalf.
Determining Your True Income
Over the course of your separation or divorce proceedings, your spouse may attempt to minimize his or her income to reduce spousal support obligations. It’s surprisingly simple for individuals to obfuscate small business earnings, bonuses, or freelance income, and ultimately use it to deny you the support you need. A forensic accountant can uncover all existing sources of income to provide a more accurate portrait of your spouse's earnings.
Locating Hidden Assets
You may suspect your spouse is hiding assets, in hopes of securing reduced alimony or a greater share of marital property. Unfortunately, you don't know where to look or how to uncover these assets. A forensic accountant can track down hidden property in seemingly unlikely places. Furthermore, your accountant can document uncovered assets to strengthen your argument in court.
Avoiding a Stalled Divorce
If your spouse objects to your divorce, you can likely expect stalling tactics. Once your spouse finally hands over essential paperwork, it may lack key financial requirements — or any rhyme or reason whatsoever. A forensic accountant can quickly get to the crux of your financial issues, perhaps even determining if the disarray is an intentional cover for hidden assets.
No matter where you are in your legal separation or divorce process, a forensic accountant can help you prevent a number of financial red flags from becoming serious problems for you later down the line. If any of these scenarios apply to you, you may want to consider hiring a forensic account on your divorce team, as well as a skilled Maryland legal separation and divorce attorney.
Contact DiPietro Law Group, PLLC today at (888) 530-4374 for a free initial consultation on your legal separation or divorce!