Many divorces are simple and straightforward. Some may only need the quick review of an attorney, rather than full litigation. However, for high-asset divorces between high-net-worth couples, divorce is rarely simple. Complexity is the hallmark of Murfreesboro, Tennessee, high-asset divorces, which is why they often need forensic accountants.
Forensic accountant?
Forensic accountants use forensic accounting techniques to ensure asset numbers and evaluations are accurate. They use auditing, accounting and investigative skills to ensure that property division accountings are complete and honest. In fact, these professionals do not just help with valuation issues, like business and trust valuations, but they also can identify hidden assets and expenditures.
What are their functions?
An independent forensic accountant can be shared to help couples create an accurate accounting of the marital estate. They can also provide expert testimony within the property division process, especially when there are disagreements on the value of tangible and intangible property or where there are allegations of money laundering, fraud or any kind of asset hiding or nefarious deeds.
Tax implications
Another key job these professionals perform is explaining the tax implications of dispositions and splits on both parties. This can help ensure that dispositions and splits are fair, and that one party is not taking on an undue tax burden. While tax implications may not matter for many divorces, for high net worth divorcees, taxation becomes a huge, complicated divorce issue.
Your divorce team
The key here is that your high-asset divorce will likely need a divorce team. Of course, at the head will be you and your Middle Tennessee attorney, but your team may include forensic accountants, CPAs, mental health professionals, doctors, etc.