Forensic accountant sounds like a job title straight out of CSI, and not like an oftentimes-necessary tool in a Dallas divorce. However, many Dallas divorce cases require the expertise of a forensic accountant, especially when there are a significant number of assets to be split during the divorce. At the Law Offices of Udeshi Clark and Associates, we routinely utilize forensic accountants, especially when dealing with high net worth divorce cases, so that we may accurately assess the value of the marital assets and ensure a fair distribution of property when the time comes.
Circumstances that Require the Use of a Forensic Accountant
- Business Valuation: Oftentimes, a business owner’s spouse may try to stake claim to a part of the business, deeming it marital property for any number of reasons. A forensic accountant can accurately determine whether or not a business is in-fact marital property, and if it is, how much it is worth so that it or its interests may be divided accordingly.
- Differentiating Community Money from Separate Money: Because Texas is a community property state, any money earned after the union of two people is considered marital property. However, any money that was brought into the marriage may be considered separate property. A forensic accountant can trace the origin of assets and determine what is community money, and what is separate.
- Determining Child Support: While it is not necessary to use a forensic accountant to determine child support, a forensic accountant can provide the most accurate assessment of each parent’s income and cash flow, and make a fair recommendation as to how much each parent can afford/needs.
- Determining Spousal Support: Again, while not necessary in spousal support calculations, a forensic accountant can give an accurate overview of the marital lifestyle and a fair assessment of what each party can afford/needs to maintain that lifestyle.
Will You Need a Forensic Accountant?
At the Law Offices of Udeshi Clark and Associates, our Dallas divorce attorneys often recommend hiring a forensic accountant to fairly assess the value of your assets and to accurately distinguish your community property from your separate property. However, each divorce is different, and we cannot know for sure whether or not yours will require a forensic accountant until we have met with you and done a thorough evaluation of your finances and your assets.
If, after meeting with you, we feel that you do need a forensic accountant, we will recommend a couple of professionals who may be in line with your needs and your budget.
Consult with Your Dallas, TX Divorce Lawyer
At the Law Offices of Udeshi Clark and Associates, our Dallas divorce attorneys aim to help you achieve a fair settlement from your divorce. The best way to do this is by utilizing the expertise of a Dallas forensic accountant. While a forensic accountant does pose additional costs to the divorcing couple, many clients often find that the fee is worth it, as a forensic accountant breaks down a couple’s shared finances to the last penny. Additionally, a forensic accountant can provide an accurate assessment of each party’s separate finances and ensure that neither is under or overpaid in regards to support payments. If you are looking to get the fairest settlement in your Dallas divorce, contact the Law Offices of Udeshi Clark and associates to speak with a divorce attorney about utilizing a forensic accountant. Give our offices a call at (469) 914-5564, or schedule an initial consultation online, today.