Throughout your marriage, your spouse hid things. The many secrets turned into layers of mistrust due to untruthfulness, concealment and lack of communication.
Now that the two of you have decided to part ways, you know that this is the time to dive deeply into those hidden aspects of your marriage, namely the assets that your spouse has covered up and stashed away all these years. A forensic accountant is just the right person for this task.
Underreported income and fake debts
Working side-by-side with an experienced family law attorney, a forensic accountant analyzes financial records and uncovers every place your spouse has hidden money. In a way, this professional serves a detective and understands every method of deception to hide assets and prevent you from securing your rightful share of marital assets.
Some of the unethical and egregious practices revealed by a forensic accountant may include:
- Payroll-related fraud: Includes creating fictitious or ghost employees and falsifying expenses.
- Underreported income: Usually an intentional act to avoid paying taxes and hiding assets.
- Fake debt: In collusion with family members and friends, your spouse “repays” alleged borrowed money to them.
- Overpayments: Extra payments to creditors will create a balance that your spouse will attempt to cash out after divorce.
- Asset transfers to dummy corporations: These fake companies are set up to mislead people and hide assets.
- Expensive purchases: Often made with hidden cash to pay for luxury items, global trips and an extra-marital affair.
Perhaps your spouse made an extreme effort to hide these assets. A forensic accountant, though, will make a greater effort to uncover them.
Hiding assets is fraud, clear and simple. You may not have been aware of some of your spouse’s dealings, but give a forensic accountant time, and he or she will unveil this deceit espoused by your estranged spouse.