What does a forensic accountant do?

When a couple decides to get a divorce, there are a lot of different aspects that need to be dealt with in terms of the couple’s finances. Each spouse will have to come up with a statement of net worth so the assets and liabilities can be divided equally. When you create your statement of net worth, it is essential that you are completely truthful about the information that needs to be on it. You will have to include detailed information about your income, monthly expenses, debts, assets, and any other financial information you may have. It is important to make sure all bases are covered.

One situation that may unfortunately occur is when one party believes their spouse is lying about their income. This often happens when the individual owns their own business or doesn’t have to file a W-2 form. In a situation like this, the other spouse should hire a forensic accountant that will conduct a detailed investigation into the true finances of the individual. If a forensic accountant is brought in, the person they are investigating may find themselves in serious trouble if it turns out that they are not being honest about their finances. This could result in criminal penalties and problems with the Internal Revenue Service.

If you have questions about getting divorced in New York State, contact our firm today.

If you are in need of experienced and dedicated legal counsel, please contact The Penichet Firm today and we will be happy to assist you in all of your divorce, family law or criminal defense matters.