Minnesota residents who are contemplating a divorce may be interested to learn that more and more people have begun using forensic accountants to aid with their cases. The more complex a divorcing couple’s potential asset portfolio is, the greater the potential need for a forensic accountant to be involved.
estigation, particularly where there are assets such as investments, stocks, real estate property, and collectibles. Though concealing assets is often prohibited by law, this does not always prevent someone from attempting to do so in order to avoid relinquishing some assets to a spouse they’re divorcing from.
The extent that some people go to conceal their assets can make even a forensic accountant’s job difficult. For example, some individuals who own their own businesses may conceal their money in dummy corporations or hide it in investments whose value are hard to accurately determine. Since improper accounting of marital assets can lead to an inequitable outcome for the other party involved in a divorce, it’s important to uncover hidden assets and thereby make them eligible for division.
In situations such as these, an attorney may be able to provide assistance to a divorcing spouse. If there is a risk that the other party has concealed part of their asset portfolio, an attorney may find it necessary to recommend a forensic accountant who can aid them in bolstering the client’s claims. An equitable division of hidden assetsmay be one of the most important elements involved in ensuring someone’s financial stability after the divorce is finalized.