Couples often think that deciding to get a divorce is the hard part. Unfortunately, what can ultimately be the most difficult part of the dissolution journey is deciding on the division of your marital assets.
Determining which spouse gets what can sometimes be so complex that you need to bring a forensic accountant into the mix to help. There are some assets that you may best split with the guidance of both an attorney and forensic accountant.
The complexities of sorting out assets and liabilities in a divorce
Deciding what to do with common assets and debts such as bank accounts, car payments, credit card bills and the house can be relatively straightforward to sort out. Dividing financial portfolios, stock options and restricted stocks, especially when there are both vested and deferred ones, can be much more challenging to do.
Splitting businesses or professional practices can also be challenging. It’s particularly so when there are business partners and inequitable compensation structures involved. Dividing insurance and retirement plans, trusts with varying terms and properties located outside the state or country can also prove challenging. Splitting rare and valuable collectibles like antiques and artwork can also be hard to do.
What role does a forensic accountant play in a high-asset divorce?
Many high-asset couples will consult with a forensic accountant to identify hidden assets and liabilities, understand their values and the tax implications associated with making certain choices.
A divorce attorney experienced in working with high-asset divorce clients will undoubtedly know where to tell you to look for hidden assets and the pros and cons associated with taking possession of certain ones over others. Your lawyer should also have a forensic accountant on speed dial to provide additional guidance if necessary.
