The stakes you face are steeper in a high-asset divorce than in a traditional, middle-class divorce case. The more property you and your spouse share, the more you could potentially lose in the divorce. You likely expect a fair and reasonable outcome to property division, but your spouse may want the opposite.
Some people want to financially punish their ex, leading them to break the law and violate divorce court practices. For example, those in high-asset marriages may hide personal property or financial accounts and intentionally not disclose them to their spouse or the courts.
Hidden assets can represent thousands of dollars and can lead to a highly unfair and imbalanced divorce ruling if not discovered in time. If you think that your spouse might have hidden assets, you may want to bring in professional help.
There are accounting professionals with specialized training for finding assets
Any accountant with enough time and diligence can potentially locate hidden assets and signs of financial misconduct when reviewing your records from the marriage. However, you have a greater chance of success in locating hidden assets if you work with a specialized professional.
A forensic accountant has training and experience in the specific part of locating hidden assets and making sense of a fabricated or altered financial record. They can find gaps in income, trends in financial behavior and signs of intentional financial obfuscation.
Although forensic accountants often play a role in criminal proceedings, they can also be important members of your support team during a high-asset divorce. A forensic accountant can help track income, locate assets and even explain to the court exactly how your ex was able to hide money or resources from you during your marriage or around the time of the filing.
Finding everything is crucial to a fair outcome
Locating all of your marital property is the only way for you to fight for a fair division of your assets. If your spouse lied to you about what they earned, or hid bank accounts or other property from you, they could potentially keep all of that marital property unless you catch them.
Identifying the unique concerns for high-asset divorces can help you protect yourself and establish a stronger financial foundation for the future.