You and your husband or wife have worked hard throughout your lives to build a solid nest egg. Now that you are heading for divorce, you must divide marital assets. As a couple with a high net worth, you are likely to face some challenges many other couples never have to address.
In contested divorces, Minnesota law provides for an equitable division of the marital estate. If you and your soon-to-be ex have complex assets, arguing for what is equitable may be a tough task. Putting a forensic accountant on your divorce team may be beneficial for at least four reasons.
1. Finding hidden assets
If you think your spouse may try to hide marital wealth from you, hiring a forensic accountant may help you track down missing assets. The same may be true if you suspect your husband or wife is trying to dissipate or deplete marital assets in the lead-up to your divorce.
2. Arguing for spousal support
Spousal support, sometimes called alimony, may be available to you after your marriage ends. A forensic accountant is able to investigate your standard of living and your spouse’s income to boost your chances of receiving the spousal support you deserve! This is a great tool for success.
3. Determining business valuation
If you and your spouse own a business together or either of you owns one separately, the value of the business may be in dispute during your divorce. Businesses are often valuable marital assets. As such, you may want a forensic accountant to help you determine the worth of the venture.
4. Analyzing corporate benefits and tax implications
Your and your spouse’s corporate benefits, retirement accounts and investments are also subject to division during your divorce. Not only can a forensic accountant help sort out these complicated items, but will be able to explain current and future tax implications upon request.
Whether you should put a forensic accountant on your divorce team ultimately depends on your circumstances and goals. Here at Markiewicz Law, we will assist you in making the decision whether working with one may be an effective way to protect your post-divorce financial future.