When I decided to budget a little more carefully, I had no idea how difficult it would be. Fortunately, I was able to talk with a few financial advisors who were able to point me in the right direction. One of the best pieces of advice I received was about setting a realistic budget. I learned how to effectively manage my money, so that I didn't have to worry about paying my bills or letting my accounts overdraft. This blog is designed to help people like me who have previously struggled with money. Check out these articles for financial advice that might help you to set a realistic budget.
If you are headed for a divorce and there is a business involved, you may be in for a world of complications. The divorce process is tricky enough before you add the business aspect into it, but when the finances of a business are involved, things can get downright impossible. This is when a forensic accountant is needed.
What a Forensic Accountant Does
A forensic accountant is a certified accountant that assists in evaluating the financial elements of the business. He or she will look into all of the business financials, calculate the income and analyze the tax returns and situations. In many cases, forensic accountants are brought in to help with divorces that include high-value assets, when one spouse contests the finances or when a business is involved.
How a Forensic Accountant Helps
A representing attorney may request that a forensic accountant be brought in to assist or the court may order that the forensic accountant work the case. Since the accountant ordered is a neutral third party, there is little concern about favoritism or working the system. But if your spouse hires a forensic accountant to work on the case from his or her side, it is crucial that you do the same.
Some couples hire a forensic accountant together to work through the difficult financial elements of the divorce. In this case, the accountant will work with you, your spouse and your attorneys to present the financials as clearly as possible.
When a Forensic Accountant is Needed
If you think that your spouse has hidden assets that you and your attorney cannot find, you should hire a forensic accountant. These professionals know how to find money and assets that can be difficult to find.
Funds that aren't hidden but can be difficult to divide also call for a forensic accountant. Dividing joint assets, like retirement accounts, property and businesses is difficult. The accountant can help provide both parties with insight and advice to help expedite the process and keep things fair for everyone.
If you need a forensic accountant, it is important that you hire him or her at the beginning of the divorce. The earlier in the process that the accountant is brought in, the fewer mistakes will need to be undone and the better protected you will be. Talk with your divorce attorney to learn if a forensic accountant is something that you should have working on your side during this complicated and difficult time.
If you're looking for a forensic accountant, visit Epps Forensic Consulting PLLC.
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