If you become concerned during your high-asset Colorado divorce that your spouse may be hiding assets from you, you may find it necessary to add a forensic accountant to your legal team. Why? Because if your suspicions prove true, only a specially trained forensic accountant may be able to find and track the hidden assets.
Unfortunately, asset hiding occurs all too frequently in high-asset divorces as one spouse attempts to deprive the other of marital assets to which (s)he is entitled, therefore enhancing his or her own post-divorce financial position.
Hiring a forensic accountant
As soon as you suspect that your spouse is engaging in asset-hiding, thoroughly discuss your suspicions with your attorney so (s)he knows as soon as possible what (s)he may be facing when it comes time for your divorce hearing or trial. Then, if you and (s)he decide to add a forensic accountant to your legal team, you should seek to find one who possesses the skills and abilities necessary to accomplish the following:
- Find your spouse’s electronically hidden marital assets
- Find his or her hidden business and real estate assets
- Find and analyze discrepancies in his or her cash flow
- Find and analyze all of his or her financial documents
- Calculate the various tax consequences inherent in any property settlement agreement (s)he encourages you to sign
Since you undoubtedly will use your forensic accountant as your expert witness at your divorce hearing or trial, make sure (s)he has exceptional communication skills in addition to financial and investigative ones. (S)he may well need to explain complicated financial calculations and transactions to your judge and/or jury in understandable laymen’s terms.
Keep in mind that just because someone is an accountant does not mean that (s)he is a forensic accountant. Forensic accountants receive advanced education and training that even most CPAs do not have.