In most relationships, there is a bifurcation in duties. Both spouses, usually, are not both responsible for dinner at the same time, both responsible for taking the kids to school at the same time, etc. And, usually, only one spouse handles the finances.
However, if the marriage ends, this can put the other spouse at a disadvantage during the property division process, which is why many choose to add a forensic accountant to their divorce legal team. You can be forgiven if you have never heard the term forensic accountant before. However, if you are going through a Mississippi divorce, they can be indispensable.
What is a forensic accountant?
Forensic accountants are professionals who use their accounting skills and knowledge to investigate financial fraud, embezzlement, money laundering and other crimes. They can also provide expert testimony in court cases involving business disputes, damages, valuation and Gulfport, Mississippi, divorces.
Forensic accountants have a thorough knowledge of accounting standards, laws, regulations and ethics. Forensic accountants also have strong analytical, communication and problem-solving skills to deal with various types of evidence, data and stakeholders.
What can they do?
Forensic accountants serve as independent third parties and financial experts. Forensic accountants can also help clients with business valuations, assess hard-to-value assets and track down hidden assets.
In a divorce, forensic accountants can be key. They can help create an accurate accounting of the marital estate, which can help with child and marital support calculations. They can also track down hidden assets, income streams and debts. They can help reveal hidden tax burdens and ensure that both sides are on the same page in the property-division process. They can be an essential part of your Gulfport, Mississippi, divorce team.