Uncovering the Truth: Forensic Accounting In A Texas Divorce
In any divorce, the financial issues and division of property can quickly become complicated and contentious. This is especially true if you and your spouse have a lot of assets and wealth. In a time of mistrust and overwhelming emotions, it is also not uncommon to have concerns that your spouse is hiding assets or misrepresenting your financial situation.
Our experienced divorce attorneys at Teller Law Firm, P.C. in Grapevine understand the importance of uncovering the truth to protect your rights and make sure there is a fair division of assets in your divorce. That’s where forensic accounting comes in. A forensic accountant can analyze financial discovery documents, evaluate a business and help find hidden assets.
What Does A Forensic Accountant Do?
A forensic accountant is a financial investigator who uses accounting and auditing skills to uncover financial discrepancies and irregularities. As a highly trained financial professional, a forensic accountant can:
- Trace assets and income
- Analyze financial statements and tax returns
- Evaluate business valuations
- Identify hidden assets
- Provide expert testimony in court
In the context of a divorce, a forensic accountant can review financial documents, such as tax returns, bank statements and business records, to identify potential areas of concern. They can also evaluate a business’s financial performance, identify undervalued or hidden assets, and provide a detailed report of their findings.
How Does A Forensic Accountant Find Hidden Assets?
A forensic accountant uses a variety of techniques to find hidden assets, including:
- Reviewing financial records: They meticulously examine bank statements, credit card statements, tax returns, and other financial documents for inconsistencies or unusual transactions.
- Tracing asset transfers: They follow the movement of assets to identify any transfers to third parties or shell corporations.
- Analyzing business valuations: They scrutinize business valuations to ensure they accurately reflect the company’s worth.
- Conducting interviews: They interview spouses, family members, and business associates to gather information about potential hidden assets.
A forensic accountant reviews financial statements with the primary goal of identifying discrepancies and inconsistencies in financial reporting. The also use specialized software and tools to track financial transactions and identify hidden assets.
When Do You Need A Forensic Accountant In Your Divorce?
You may need a forensic accountant in your divorce if:
- You suspect your spouse is hiding assets or misrepresenting their financial situation
- You have complex assets, such as businesses, investments or real estate
- You are dealing with a high net worth divorce and want to ensure a fair division of assets
- You need expert testimony in court to support your case
A forensic accountant can be an important part of your team in your divorce. With the analysis and testimony of a forensic accountant, we can protect your rights in the event conflicts arise during the division of your marital property.
What Are The Penalties For Hiding Assets In A Divorce?
Emotions can run high in a divorce. It’s not uncommon for one spouse to try to hide assets, especially in a high net worth divorce. However, intentionally hiding assets during a divorce in Texas can have serious consequences. Some of the penalties for hiding assets include:
- Contempt of court charges
- Fines and penalties
- Attorney’s fees and costs
- Loss of credibility in court
- Potential criminal charges
If you believe that your spouse has gone beyond protecting assets in a divorce and is actually hiding assets, our experienced divorce lawyers have extensive experience in identifying and uncovering hidden assets. We can help assess your circumstances and identify if there have been efforts made to conceal assets. Our goal is to make sure there is a a fair and equitable division of property and assets in your divorce.
Schedule A Consultation To Further Discuss Forensic Accounting In Your Divorce
If you suspect that your spouse is hiding assets or you need help navigating a complex divorce, our divorce lawyers are available by appointment for initial consultations. To get further guidance and ask questions about your specific case, call us at 817-612-4298. You can also send us a message through our website. We want you to have a fair and equitable outcome in your divorce, and we can use a forensic accountant to make sure that you do.