Forensic accountants in London
In the complex world of divorce, especially in high-net-worth and international cases, forensic accountants play a pivotal role. At Hamblin Family Law, we collaborate with a network of expert forensic accountants based in London to ensure complete financial transparency throughout the divorce process.
What is a forensic accountant?
A forensic accountant can play a key role in complex high value divorce proceedings by assisting in achieving financial transparency, uncovering non-disclosure or even fraud, clarifying financial discrepancies, valuing and investigating business interests, and identifying accounting irregularities.
Why do you need a forensic accountant?
Appointing your own, or even a joint accountant, can be instrumental in complex financial proceedings where one party’s financial disclosure, or presentation of value, is in dispute. This is especially important to consider in high-net-worth cases when more is at stake financially. Our network of expert forensic accountants assist us in uncovering hidden income streams and undisclosed assets while providing us with crucial financial insights so that we are always one step ahead.
What services does a forensic accountant offer?
1. Identifying hidden assets and income
- Investigates if one spouse is hiding assets, underreporting income, or transferring money to secret accounts.
- Traces offshore accounts, real estate, investments, and business holdings.
3. Analysing financial records
- Reviews tax returns, bank statements, credit card transactions, and loan applications.
- Identifies discrepancies between reported and actual income.
5. Tracing marital vs. separate property
- Differentiates between assets acquired before marriage (separate property) and during marriage (marital property).
7. Providing expert testimony
- Presents their views on valuations and any disclosure produced to the court if needed while acting as a neutral (jointly appointed or shadow) expert to assist the court in determining complex financial cases.
2. Business valuation
- If one or both spouses own a business, the forensic accountant determines its fair market value. Usually in proceedings, a single joint expert accountant will be appointed to determine value. However, it may also be worth considering appointing a shadow accountant to assess the report that the joint valuer produces, or in advance of that instruction for your own peace of mind and independent advice.
4. Determining spousal and child support
- Allows us to calculate the likely spousal and child maintenance orders that will be made in your case, by ensuring all income sources are accounted for.
6. Investigating lifestyle and spending habits
- Can assist us in conducting a lifestyle analysis to verify whether a spouse’s claimed expenses matches their real spending.
8. Assisting in settlement negotiations
- Can help divorcing parties negotiate their financial settlement, off the back of their valuation reports and the objective financial data they have pulled together.
If you need financial clarity and expert assistance during your divorce, contact us and we can connect you to the expert team you need to protect your financial future.
When to call on the assistance of a forensic accountant during divorce proceedings
- If you suspect hidden assets or undisclosed income;
- If one or both partners have complex financial situations that require an accountants detailed overview;
- If someone owns a business that will require valuation.
FAQs
Forensic accountants can help investigate and value a wide range of income streams, and assets, including businesses, real estate, investments, retirement accounts, and personal property within divorce and financial proceedings.
Forensic accountants and company valuers collaborate closely with divorce lawyers, providing crucial financial insights, asset tracing, and business valuations to assist in negotiations, settlements, or unlock court proceedings (either on a joint or sole basis, as needed).
If fraud or misconduct is discovered, the forensic accountant will document their findings in a report, which can be used as evidence in divorce proceedings, potentially influencing the final settlement and legal outcomes. It may also be utilised in follow up or concurrent criminal proceedings.
