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Fort Lauderdale Divorce Lawyer > Blog > Divorce > Do You Need to Consult an Accountant in Your Divorce?

Do You Need to Consult an Accountant in Your Divorce?

While it is always recommended that you seek legal advice and guidance from a Florida divorce attorney in a divorce, you may wish to consult with other professionals, as well. Individuals in divorces that involve significant assets, property, or businesses should always consider using the services of an accountant, for example. An accountant can help place the appropriate value on certain assets and perhaps even discover assets that a spouse has hidden away.

Particularly in the case of long-term marriages during which individuals have amassed large amounts of wealth, the services of an accountant can be invaluable. Assets in these types of divorces may involve not just real estate and bank accounts, but retirement plans, life insurance plans, deferred compensation programs, and fully operating businesses. While attorneys are well-trained to handle the legal aspects of your divorce, an accountant may be necessary to handle valuations, income paid “under the table”, and property held in trusts or partnerships outside of the jurisdiction. An accountant also can advise you following your divorce, in terms of helping you invest the proceeds of your property settlement or award and minimize any tax consequences. Simply put, it is near impossible to fairly divide property if you don’t have its true value or even know that it exists.

High Net Worth Divorce

Moreover, when a case involves very wealthy individuals, it may be necessary to engage a forensic accountant, which is a specialized area of accounting that involves investigating and discovering assets that a spouse may have hidden. A forensic accountant can thoroughly investigate and trace potentially hidden assets or income stemming from a spouse’s business endeavors. Some very wealthy spouses have been known shelter assets, either to avoid taxes or a potential divorce, by creating fictitious corporations and shell companies that can be difficult to trace back to him or her.

Particularly if one spouse has not paid much attention to the couple’s financial situation throughout their marriage, or has not been involved in the other’s spouses business or investment portfolios, he or she may have no idea of the scope or nature of the marital assets that exist. As a result, that spouse risks a portion of the marital estate not being included in the parties’ divorce decree. A forensic accountant can identify all assets that belong to the marital estate and properly place a value on them for purposes of property division. By hiring a forensic accountant, you can ensure that you receive all to which you are entitled in the divorce.

Let Us Help You Get Started

At our office, we understand the potential importance of enlisting the services of other professionals whose skills can be invaluable in your divorce proceedings. We have represented numerous clients in South Florida divorce and family law cases, and we know what it takes to get a fair and appropriate result in these types of cases. To schedule a consultation with experienced Florida divorce attorney Vanessa L. Prieto, contact our office at 954-800-2362 or fill out the online form located here.

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