The marriage dissolution process is about much more than the untangling of two individuals’ emotional lives that have become entwined over time. Although many Floridians do struggle to cope with the emotions that oftentimes accompany divorce, these individuals should not lose focus on the financial realities at stake. After all, the outcome of important legal issues like property division and spousal support can dictate one’s financial standing for years, even decades, to come.
When significant assets are at stake in a divorce, it may be imperative to engage in forensic accounting. Forensic accounting is the process whereby a professional conducts an investigation into the finances of another in order to determine if money and other assets are being hidden. This process can be crucial to reaching a fair divorce settlement, as sometimes spouses hide an enormous amount of wealth from their spouse, especially when they see divorce on the horizon.
A forensic accountants look beyond the numbers. They are trained to identify behaviors that raise red flags with regard to asset hiding. They often pour over financial documents to identify patterns and off-looking transactions that need a closer look. They can also delve into business records to determine if money is being inappropriately funneled somewhere else to avoid the property division process.
Dividing property during marriage dissolution is only as valuable as the accuracy of the marital property’s value. Those who fail to identify all assets that may be subjected to property division can wind up being taken advantage of, which means that they won’t obtain what they truly deserve. Forensic accounting, of course, is just one option that can serve as a piece of a very large puzzle. This is why it is often best to strategize with an attorney before moving forward with the divorce process. By doing so, Floridians can maximize their chances of reaching a favorable outcome.