When the decision has been made for divorce in California, identifying and dividing the assets and debts can difficult. This is especially true if your spouse owns a cash-heavy business. At The Law Firm of Lan Quoc Nguyen & Associates, our team is experienced working with clients facing this challenge.
According to FindLaw, a forensic accountant is generally a Certified Public Accountant with a specialized skill set and advanced training. They have the experience and expertise to delve into complex financial situations, searching for details that may otherwise be overlooked. An audit extends beyond the standard research of a typical divorce. It may include an in-depth examination of bank statements, brokerage account balances and other assets under your name as well as your spouse’s.
A search of the Secretary of State’s Office can provide the accountant with financial statements filed with the state for the last several years. Additional scrutiny is given to the following types of transactions:
- Recent significant write-offs
- Property transfers
- Unusual business activities
Pending court judgments against outside parties that may eventually provide your spouse undisclosed income can also contribute to the divorce settlement. Any items or funds not found before the proceedings finish can be sold or spent at a later date, which means you may not get your fair share in the division of property.
If you suspect your soon-to-be ex is hiding assets or income, adding a forensic accountant to your divorce team may be beneficial. Visit our webpage for more information on this topic.