Divorces of high net worth couples often involve messy legal battles about each couple’s finances. Disputes usually center on hidden properties and proper division of all assets. The higher-earning party frequently tries to minimize the amount they need to share or payout in attempting to hide their assets. Even if both parties are honest with each other, appraising the value of each asset requires competent accounting.
Valuing complex assets correctly
High net worth divorces often involve challenging-to-value assets such as stocks, art, businesses and intellectual property. Forensic accountants can help appraise these assets and determine their value and potential future earnings.
Discovering financial discrepancies
Forensic accountants can help reveal if one party is trying to hide its assets. A careful review of financial documents can unravel discrepancies and discover hidden assets. With better transparency, a fair negotiation in the property division is possible.
Assisting in spousal and child support computation
Because of the amount of money involved in high net worth divorces, spousal and child support computation can be complex. Forensic accountants can make this job easier by producing a detailed report of both parties’ financial capabilities.
This computation also changes depending on the kind of support awarded by the court. For example, spousal support can be temporary, for a set duration or permanent, though awards of permanent spousal support are rare.
Consider enlisting help
If you suspect your former spouse of trying to hide assets, consider enlisting accounting and legal help. Forensic accountants can help you untangle your former spouse’s financial secrets, and legal counsel can provide personalized legal guidance.
