It is estimated that more than 60% of all marriages end in divorce. Forensic accountants are hired in divorce cases to value marital assets, calculate and testify to the reasonableness of alimony or support payments, determine cash flow from business operations, and search for hidden assets. Divorce often brings out the worst in people. Spouses will attempt to hide assets or income from the other spouse in order to keep 100% of the hidden assets or income. Forensic accountants are hired by family law attorneys to review financial transactions in the period leading up to the divorce to search for converted assets, hidden assets, fictitious loans, preferred payments to relatives, deferred income, unreported income, and skimming from business income. Based on what you know what would interest you in pursuing this type of practice?© BrainMass Inc. brainmass.com October 17, 2018, 2:28 am ad1c9bdddf
Hello. I provide the following to assist you.
I have actually worked in the legal field for approximately 15 years. In those fifteen years, I have seen many divorces, much of those contested divorces (divorces wherein the parties cannot come to an agreement). In those contested divorces, I have seen many instances where the parties have a number of assets, many of those assets are not volunteered up front. In so many instances discovery has to be issued to force the other party to disclose of these assets. Even ...
This solution provides information on divorce and forensic accountants.
SLL has a partner, Dick, who is involved in a nasty divorce. This partner's soon-to-be former wife Georgia had a very successful company. He feels his wife is trying to hide income from him. Dick asks you if a forensic accountant would be helpful in this situation.
You do some research for Dick, and put together a report including the following:
A description of what forensic accounting is
4 examples of where forensic accounting may be used
Job requirements for forensic accountants, including whether they should have auditing experience and whether they should they carry the CPA credential
Your educated opinion as to whether a forensic accountant would be helpful to Dick's supported with research