Having wealth or high-value assets can ensure that you have a secure financial future. At the same time, it can cause many problems when you are seeking a divorce in Tennessee.
A unique aspect of divorcing with wealth is the deep fear it inspires in both spouses. Each party becomes concerned about acquiring a fair property settlement. It can cause one or both spouses anxiety during a high-asset divorce.
Top benefits of forensic accounting in divorce
Complex financial matters nearly always accompany a high-asset divorce. Many well-educated legal professionals also receive financial training to address these issues.
However, in some situations, the services of a forensic accountant can simplify your situation even more. Fortunately, most legal advocates have a network of financial experts to work with regarding complex financial circumstances.
Below are three examples of how forensic accounting can help your high-asset divorce.
- Find hidden assets: If you suspect your spouse is hiding assets, forensic accounting can uncover them to ensure a fair property settlement. The hiding of money and property is a problem in many high-net-worth divorces.
- Valuate businesses: When a business is at stake, it is essential to have these properties valued accurately. A forensic accountant can sort through all your business and financial documents to arrive at an accurate valuation.
- Trace marital and separate property: In marriages with complicated finances, a forensics professional can trace assets back to their original owner. Most of the time, this ensures a fair and balanced property settlement.
If you have financial concerns about your divorce, ask your counsel if you need a forensic accountant. Often, your representative has the skill and training to address your concerns personally or knows someone who’s qualified that can help. Learning more about Tennessee marital property and divorce laws is also a good idea.