Many times, a participant in a divorce is forced to address a significant amount of financial detail for the first time. While spouses generally understand the basics of their family finances, if one partner is heading the financial affairs,  it is not uncommon in the divorce process that investments, bank and brokerage accounts and other assets are later discovered but were originally unknown to the other participant. Moreover, if there is a business involved, the non-participant often understands little about the affairs of the business. 

An experienced Forensic Accountant has the training and experience in understanding and locating financial information and knowledge of the divorce process. Most often, they are an invaluable member of your divorce team. Consider the different ways you can best utilize the Forensic Accountant: 

• Review of Personal Tax Returns:  The filing of the family’s individual tax return is a time when financial information can be studied and shared by both spouses. Based on the complexity of the return, it often turns into a document that neither party has a high degree of familiarity with and, many times, there are items that are missed. The Forensic Accountant should be able to quickly discover investment accounts, business investments, real estate ownership, trusts and estates, overpayment of taxes applicable to future years and refunds due from overpayment.  

• Business Valuation:  If a family-owned business is a part of the marital estate, an experienced valuation expert is critical to the determination of the company’s value. In many instances where a business is part of the family’s assets, it can be the most valuable asset owned.  

There is no marketplace, listing or database that will provide a value for a private business. The performance of a business valuation requires the skills of an experienced professional. It requires an in-depth study and analysis of the business, its industry, its history and future, the financial markets and many other considerations. Additionally, knowledge of transactions, the marketplace and seasoned judgment on value is required. 

• Financial Investigations:  There are instances when, coincidental to a divorce, the wage earning spouse claims that the marital cash flow has decreased. A detailed review of documents, expenditures or other records becomes necessary to determine whether this claim is valid. The Forensic Accountant is trained to perform these reviews, and knows what to look for. Additionally, when there is concern about hidden assets, the professional has access to databases and other research tools to find undisclosed assets.  

• Retirement Plan Reviews:  Both individual and company sponsored retirement plans need to be reviewed and understood in reaching an equitable conclusion to the dissolution process. Forensic Accountants have participated in the establishment and review of many such plans in their career. Based on the knowledge built, having the Forensic Accountant at your side is a tactical advantage.  

• Tax and Financial Advice in Settlement Negotiations:  The vast majority of divorces end in settlement. When considering the several tax issues associated with divorce, having sound advice from strong advisors, like a Forensic Accountant, makes solid sense.  

No matter what stage you are at in the divorce process, the lawyers at The Massachusetts Family Law Group have earned the reputation as zealous advocates for their clients’ legal matters. 

In our Plymouth office, we cover all the towns and cities in Plymouth, Bristol, Barnstable, Dukes and Nantucket counties and gladly offer no-obligation consultations to those seeking legal representation.  Contact us to set-up an appointment. 

We’ve reviewed, represented or even litigated family law matters in Hingham, Plymouth, Brockton, Scituate, Easton, New Bedford, Barnstable Hyannis, Falmouth, Orleans and even Martha’s Vineyard and Nantucket.  Call (800) 910-DIVORCE or contact us today.