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Don’t let hidden assets cheat you during property division

| Jun 29, 2020 | Divorce |

It’s okay to feel emotional about your divorce. After all, you’re facing the separation of two lives that have been intertwined for years, maybe even decades. While what was your once normal life is headed for a big chance, you shouldn’t let your emotions cloud your judgment. One reason is because divorce is about much more that physically separating your life from your spouse’s. It’s also a major financial transaction, especially when it comes to high-asset divorce, the results of which can affect your financial wellbeing for years and decades to come.

Therefore, when approaching property division you need to be thorough. To start, you’ll want to identify all marital assets that may be subject to the property division process. This includes bank accounts, pieces of real property, and items of personal property. Only by having an accurate list of marital property can you negotiate or litigate a resolution that provides you with your fair share of those assets.

Yet, compiling a complete and accurate list of marital assets can be easier said than done. This is especially true if you think that your spouse is hiding assets from you. Far too often, when individuals see divorce on the horizon they try to squirrel away property and money to avoid having to share it with their spouse. This is unfair and unacceptable, which is why many people who suspect this activity choose to seek help from a legal professional and a forensic accountant.

Forensic accountants know how to spot red flags within financial records, which means that they are often able to trace assets and funds. But that’s not all they do. They can also help give you appropriate valuation of certain assets and help you better understand the long-term implications of certain divorce decisions. Therefore, these professionals can help you obtain a better understanding of the property in play during your divorce and how best to approach it.

Of course, these accountants are only financial experts. They are not legal professionals. As such, they don’t always understand the ins and outs of the legal process and how to strategically position for a favorable outcome. For this reason, if you’re considering divorce or in the midst of one, it might also be in your best interests to work with a family law attorney of your choosing.