Do I Need to Hire a Forensic Accountant For My Divorce?

A forensic accountant uses accounting, auditing, and investigative skills to examine a party’s individual finances or business finances. They are Certified Public Accountants that then analyze this information and often testify in court as expert witnesses. See Florida Statute 12.365 When it comes to Florida divorces, you may want to consider hiring a forensic accountant if your matter involves a marital estate with significant debts and/or assets, or if one or both spouses own a business. A forensic accountant can be valuable especially in a matter in which one party is making efforts to disguise their true earnings by using invalid valuations and/or incorrect appraisals. Without forensics’ assistance, the spouse and their attorney will have to rely on the information they are given and may have a harder time figuring out and analyzing hidden income or assets. When determining alimony and child support, forensic accountants will be tasked with determining the spouse’s true income and their ability to pay. In Florida, child support is statutory according to the guidelines and as such, the accountant will assist the attorney in this calculation if needed. See Florida Statute 61.30. A challenge that may come up in your divorce, and commonly leads to the hiring of a forensic accountant, is the valuations of assets, which may include businesses. The forensic accountant will analyze all documents, ledgers, income, expenses, etc. for the business in order to reach a valuation. In the event you hire a forensic accountant, they are a part of your legal team the same way your attorney is. They will assist and advise your attorney on items such as: which banks need to be subpoenaed, questions to ask the other spouse in a deposition, and then they take their analysis and put it into one large exhibit to then be used when they testify at trial. See Florida Statute 12.365. A forensic accountant is not needed in every case, and can be very costly, so it is important that you discuss this with your attorney to determine if it is right for you and your case. If you or someone you know is seeking advice on divorce matters, you can speak with one of our family law attorneys at the Yaffa Family Law Group at 561-276-3880 or visit our website at www.yaffafamilylawgroup.com to schedule your confidential complimentary consultation.

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If you're facing a family law matter in South Florida, the experienced attorneys at Yaffa Family Law Group's Divorce practice are here to help. Our team understands Florida family law and can guide you through every step. View all our practice areas or contact us today for a confidential consultation.