It is known that many spouses hide assets— especially in the months or years preceding a divorce. It is tricky to determine where all of the money is when one spouse owns a business or is secretive about their finances. There are plenty of ways to stash assets when one spouse wants to avoid paying alimony or child support.
An Experienced Attorney Knows Where To Look
After years together it seems logical that the assets, including the money that has been put away for retirement, would be equitably split. Unfortunately not all divorcing spouses feel this way. This is when an experienced attorney can make a marked difference. An attorney who has worked with high asset divorce or divorces that involve a business knows all of the common places people hide assets.
The Bloodhounds Of Finance
An attorney will also know when to call in the pros. The “pros” are forensic accountants. Known as the “bloodhounds” of finance, a forensic accountant can reveal crucial financial evidence and information that a novice wouldn’t have a clue about.
By revealing otherwise “hidden” assets and monies a forensic accountant or team will be able to calculate accurate payments, such as alimony and child support. With a figurative keen sense of money scent these bloodhound accountants will trace and locate stashed assets and income streams.
You May Know More Than You Think You Do
When one person is hiding income or assets it changes the size of the pie. This is why it is vital to know what and where all of the assets are. Many times an innocuous piece of information, such as your spouse’s travel history, is key to uncovering assets, such as an off short account. Even knowing who your spouse does business with can be a major inroad to finding assets.
Forensic Accountants In Court
According to a paper on forensic accounting presented to the American Bar Association, accountants are generally trusted because they work with numbers, and numbers don’t lie. But forensic accountants take it one step further.
In his book Financial Forensics, Body Of Knowledge forensic accountant Darrell Dorrell, calls his line of work, “The art and science of investigating people and money.” Forensic accountants are more than accountants. They are detectives who seek out people’s habits and patterns to find evidence from which to draw conclusions. Their job is to present the evidence. The evidence, paired with the arguments of a skilled attorney are what usually wins the case.