Your splintered marriage did not happen overnight. Like a slow dripping faucet, your marriage became a problem as differences built up. You had long suspected your spouse of many questionable things, including hiding assets.
Along with a skilled divorce attorney, you need another significant ally to uncover those assets. A forensic accountant knows the dirty tricks of any business or any person attempting to hide assets. With patience, knowledge and the grit of a detective, a forensic accountant will find those funds carefully hidden by your estranged spouse.
Underreported income and phony loans
A forensic accountant also shares traits with a bloodhound. This professional has the instincts and training in how to “follow the money,” figuring out where funds get spent during and after a marriage. The forensic accountant can then tie them directly to your spouse while undercovering fraud and deceptive practices.
Here are the types of funds that a forensic accountant can find:
- Underreported income: Doing this represents an attempt to avoid taxes.
- Phony debt: This is primarily represented in overpayments to creditors.
- Phony loans: Cooperative relatives, sometimes, receive such loans simply to hide assets.
- Dummy corporations: The creation of a fake company is an obvious sign of questionable business practices and dishonest business dealings.
- Secret accounts and hidden investments: The list may include bank accounts, brokerage accounts, stocks or real estate. Your spouse meant to conceal them from you.
- Payroll fraud: Many forms exist and may include paying fired employees and the presence of unauthorized bonuses.
- The cash purchase of questionable, expensive items: This may be the sign that your spouse has a mistress.
Transparency was not your spouse’s strong suit. He or she tried their utmost to conceal assets from you. Your spouse will be in for a surprise when you find those assets.
Works to your advantage
A forensic accountant is a skillful ally to help uncover hidden assets. This professional understands that dishonesty, revenge and spite are among the factors behind such illegal behavior. It works in your favor to have a forensic accountant team with your attorney.