It’s no secret that one of the primary reasons couples file for divorce is because of finances. As a result, one of the most contentious aspects of a divorce is finances. From determining the value of assets to awarding alimony, many find this process to be incredibly difficult. As divorce is not solely an emotional matter, but a financial and legal process as well, it’s important to understand the options in place that you can utilize to ensure you receive a fair outcome in this matter. One such option is to work with an experienced forensic accountant in conjunction with your Long Island high net worth divorce lawyer. If you’re unsure what a forensic accountant does or whether or not you need one, the following blog explores what you must know.
What Role Does a Forensic Accountant Play in a Divorce?
As mentioned, there are a considerable number of financial matters that must be handled during a divorce, and when the net worth of the couple is high, this can grow to be an overwhelming task. However, the outcome of the financial matters in a divorce will significantly impact your future, so ensuring these matters are handled properly is critical. As such, it may be in your best interest to enlist the assistance of a forensic accountant.
A forensic accountant is a financial professional often used in divorce cases due to their ability to analyze and investigate different financial matters. They can help determine the value of complex assets like businesses or investment portfolios, uncover hidden assets, and help you understand the tax implications you can expect as a result of the divorce. They can even act as an expert witness and testify on your behalf to help you secure a better outcome for your divorce.
If I Work with an Accountant, Do I Still Need an Attorney?
It is critical to understand that, despite the important role a forensic accountant plays in a divorce, they cannot replace your attorney. These financial experts cannot provide legal advice, represent you in court, or help you navigate the complexities of divorce as a lawyer would. Instead, they will work with your attorney to help ensure that you get a fair financial outcome for your divorce.
When you are going through a divorce, doing everything in your power to fight for the best possible outcome is critical. Though it may not seem like the end of the world if a few assets are valued incorrectly, it can cost you significant funds in the long term.
As you can see, working with an experienced attorney and a forensic accountant can help you receive the best possible outcome for your unique circumstances. At Barrows Levy PLLC, we understand how difficult these matters can be to navigate, which is why we will do everything in our power to help you recover the compensation you are entitled to. Contact us today to learn more.
