Preparing for property division proceedings in New York is less stressful when a spouse has the information and resources to protect their interests. A high-asset divorce can get quite messy, especially if a spouse is hiding assets. One way to find out is to hire a forensic accountant.
A forensic accountant can track financial transactions, scrutinize records and identify marital assets versus nonmarital assets in a divorce. If there are hidden streams of revenue, undervalued assets or financial records that have been manipulated, a forensic accountant will discover it. This type of accountant can also trace a flow of money to uncover hidden assets.
Is your spouse sending money overseas to hide assets in your divorce?
If a spouse has started setting up offshore accounts or funneling money into an existing account overseas, it may be an attempt to stash cash until the divorce is finalized. A forensic accountant can help uncover the evidence needed to bring the matter to the court’s attention. The judge overseeing the case will not look favorably on someone who is trying to beat the system.
New York divorce disclosure laws
Hiding money in a shell company or offshore account violates New York disclosure requirements, which obligate spouses to be upfront regarding all their assets and liabilities. Hiding assets is a form of perjury and is punishable as such. A forensic accountant can help gather all the evidence to bring a hidden asset scheme to a screeching halt. Forensic accountants often work closely with family law attorneys to help a client obtain a fair settlement and may even testify in court to help prove allegations of financial deceit in a divorce.