Some Nevada divorces are simple – they involve a house, bank accounts, two automobiles, and perhaps one or two retirement accounts. Other divorces, especially high net worth divorces, are more financially complex.
High-asset divorces often involve the standard assets mentioned above, but they may also involve restricted stock, businesses, life insurance policies, multiple real estate properties in different states or different countries, investments, professional practices, and so on.
Whenever there is a high-asset divorce, the stakes are higher. There is less room to make a mistake, which could be costly and irreversible after the divorce is final, especially if there is an “out spouse,” who is out of touch with the couple’s finances. For all of these reasons and more, we strongly recommend that our high-asset divorce clients enlist the services of a forensic accountant.
Advantages of a Forensic Accountant
There are many advantages to hiring a forensic accountant to assist one in the divorce process. In most divorce attorneys’ opinions, forensic accountants are essential in high-asset divorce cases that are by their nature, financially complex.
A forensic accountant is an expert at uncovering hidden income and assets (including offshore accounts), performing business valuations, identifying inconsistencies in financial information, calculating cash flow, and much more.
A forensic account is not just there to protect an innocent spouse in case their husband or wife is being deceitful, but they are also there to ensure that the smallest financial details are accounted for and nothing is missed. Lastly, a forensic accountant can help a spouse fully understand their various settlement scenarios and the tax and financial implications of each option. If your marital estate is sizeable, you’d be wise to consider hiring a forensic accountant.
To learn more about the advantages of adding a forensic accountant to your divorce team, contact Ford & Friedman to schedule a consultation with a Henderson divorce lawyer.