In Clinton Township, Michigan, divorce does not have to be acrimonious. However, when you and your spouse are facing the division of complex marital property, trust may be difficult to come by. All sources of income and expenses have to be listed, and you may worry that your spouse is withholding or undervaluing assets, whether intentionally or not. According to Forbes magazine, many couples with widely varied types of income and complex portfolios have addressed the valuation of their marital property by hiring a forensic accountant.
Issues you may face during your divorce that a forensic accountant could resolve include determining the true income of both you and your spouse. As well, this professional can help identify what is marital property and what is separate. Assets that often prove complex to divide include the following:
- Businesses and partnerships
- Vested stock options
- Insurance plans
- Deferred compensation
- Properties in other states or countries
You could benefit from finding an accountant who is also qualified as a valuation expert, so that your antiques, artwork and other tangible items can have a true value placed on them. In addition to uncovering all the assets that must be divided and assigning them a specific value, a forensic accountant can advise you on the tax implications of the division.
If you do suspect that your spouse is hiding assets, discovering dishonest practices and testifying in court are within the scope of the services most forensic accountants provide. While this information should not be taken as legal advice, it may help you understand some of the benefits of hiring a financial professional to assist in a high asset divorce.