Forensic accounting in Arizona is a crucial component of your divorce, whether you initiate the proceedings or face them. A forensic accountant can help uncover hidden assets and income, provide a detailed picture of your spouse’s lifestyle and spending habits, and even help you avoid tax liability. The best part? A forensic accountant can work with both spouses before, during, and after divorce so that both sides understand the numbers before making any decisions about settling.
Hidden Assets
Knowing what to expect and how best to prepare yourself for this life-changing event is vital when going through a divorce. One aspect of the process that can be challenging for many is finding hidden assets–money or property that was kept secret from their spouse during their marriage. This information can come out at any time during your case, so if your spouse has been hiding assets during your marriage, forensic accounting can help uncover those hidden funds so they can be divided between both parties fairly.
Detailed Picture of Lifestyle
A lifestyle analysis is a type of forensic accounting in Arizona that helps you determine your spouse’s lifestyle. It’s often used in divorce cases, where both parties try to prove that one party has been living above their means or has hidden assets.
Avoid Tax Liability
Forensic accounting can help you avoid tax liability. If your spouse has hidden assets, income, and business activities, you must know about them to avoid paying taxes. You may have been living off of your spouse’s income while they hid assets or created an additional source of income they did not share with you.
If there is no way for you to find out what happened with these hidden assets or sources of income, forensic accountants can use their expertise to track down financial records and interview witnesses until they uncover the truth about what happened.
If you found this information helpful and would like to explore more, please visit Bridge Divorce Strategies.