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What Are Forensic Accountants

In cases involving the super-rich, there are tactics like off-shore accounts that can be used to hide money from the courts. Businesses can also be used to sock away assets where the court can’t reach them. There are quite a number of financial tricks. All too often what happens is that one of the spouses was completely responsible for the business and the other doesn’t have access to the records or any idea of whether or not the records they receive are complete. There are professionals that are trained to break through problems like these and sniff out accounting problems. They are called forensic accountants.

The main role of a forensic accountant is to look for evidence of fraud in a company’s financial dealings and to prepare financial statements when the court needs to examine the records of a company. They serve in many different capacities. For instance, if a business goes bankrupt, a forensic accountant will go through all of the records to get a full understanding of that company‚Äôs finances. They are also used in fraud cases, money laundering cases, contract breaches, and many other situations.

Family law is another area where forensic accountants play a role. They can help ferret out where extra money may be hiding and expose marital fraud. They can also perform assessments of an individual’s lifestyle for alimony purposes, and render expert testimony to the court so they can assess child support amounts and equitable distribution. It can put you in a much stronger position to have a trained forensic accountant serve on the witness stand.

Most divorces will not need forensic accounting. Sometimes the services of a regular certified public accountant are enough, and many cases don’t even need that level of expertise. But if your finances are especially complex or if you believe that fraud may be an issue, hiring a forensic accountant may be in your best interests. For more information about forensic accountants in divorce law, this article from Forbes provides an excellent introduction.

Depending on the circumstances, a lawyer will recommend hiring outside experts like forensic accountants. There are good reasons why this is done. A lawyer is not an accountant, and may not have the expertise necessary to track down financial fraud or hidden assets. The reason for hiring an outside expert is to assure a fair outcome. You don’t want to find out later that you missed out on assets that were rightfully yours. Sometimes a private investigator is also hired to observe a spouse’s business to get further evidence of misrepresentation.

The Miami area is well-known to be a hub for the super-wealthy, and it pays to have a lawyer that has the resources necessary to handle high-value divorce cases. Gustavo E. Frances is ready to help you with your case and is not afraid to fight hard and seek the help of other professionals when necessary. Don’t let financial trickery steal away what is yours. Contact our firm today for a free consultation.

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