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Forensic accounting in a divorce

On Behalf of | Oct 7, 2021 | Divorce, Property Division

Throughout those years of the marriage, couples in Orange County may acquire various property . They have primary homes, vacation homes, rental property, various bank accounts, retirement accounts, investment accounts, have stock options, own businesses, own various vehicles, have valuable collectables, jewelry and may own other types of assets as well. During the marriage the couple may be able to both enjoy all of their assets, but if they go through a divorce they will need to divide them.

Couples handle their finances differently though. One spouse may earn most of the income or handle all the financial matters of the marriage. Also, both spouses may earn significant amounts of money and have separate accounts for their personal spending or investments. In situations such as this, one spouse may have little knowledge of all of the assets that the other spouse has in their possession.

How forensic accountants find assets

Dividing assets that a spouse may have little knowledge of can be difficult. People who find themselves in this position may be able to hire forensic accountants to assist in the divorce though. These accountants will analyze bank accounts, investment accounts, employment records, tax returns, business records and other financial documentation to determine what assets the spouse may own and also where accounts or property may be located.

During a divorce in California the spouses will need to divide their marital property. However, first both spouses need to know the total marital assets and also determine the value of the property before they can divide them. Forensic accountants can play a key role in ensuring all marital property is found and ultimately divided. Experienced attorneys understand the complications that can arise during property division and may be able to guide one through it.