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Forensic Accountancy for Divorce

Confused or suspicious about the extent of your spouse or civil partner’s assets? Suspect that they are hiding assets from you? If so, our forensic accountants for divorce can support you.

Financial proceedings upon divorce or dissolution can quickly turn bitter, particularly where there are high value assets, High Net Worth individuals, businesses and international aspects involved. For those complex and contentious financial matters, a forensic accountant could be the solution.

At Crisp & Co Solicitors, our team of family law solicitors specialise in providing advice on the legal aspects of complex financial matters upon divorce or civil partnership dissolution. We offer a premium service tailored specifically to suit the needs and expectations of high earning individuals and their families.

If required, this includes an in-house forensic accountancy team who will work with you to get a true picture and accurate value of the finances and assets of the marriage, and the discovery of any hidden assets and undervaluation’s if needed.

This dedicated team works alongside our lawyers, ensuring that we can quickly provide accurate advice and insight without waiting for the work to be outsourced.

Financial forensics in divorce can be a confusing legal area, so it’s vital that you choose an experienced firm to work with. Our specialists at Crisp & Co have much experience in forensic accounting for divorce and will ensure that you receive all of the personalised support that you require.

We are members of the Law Society Family Law Advanced Accreditation scheme, which is only awarded for expertise in specialist areas of family law, including international issues and cases involving complex assets.

For assistance with your financial arrangements upon divorce or dissolution, get in touch with our family lawyers by giving us a call or filling in our simple online enquiry form.

 

    Forensic Accountancy FAQs

    What is a forensic accountant?

    Forensic accountants review personal and business finances and investigate financial discrepancies and hidden assets for the purpose of court proceedings.

    They can be useful in divorce and dissolution proceedings by helping individuals uncover hidden assets and unstated income early on in financial proceedings.

    How can a forensic accountant help with your divorce?

    Relationship breakdown is a difficult and highly emotive subject for everyone involved. But when financial disputes arise, the proceedings can become particularly prolonged and stressful.

    Where a couple’s finances are particularly complex, involving a broad portfolio of assets and investments, they may simply disagree about the estimated value of their wealth.

    However, it is also common for one of the partners to try to hide or dispose of assets to prevent them from becoming part of the proceedings. For example, where one partner:

    • Primarily manages the couple’s money, making it easy for them to conceal assets
    • Owns a successful business that they want to avoid becoming part of the divorce proceedings
    • Has a significantly higher income and wants to avoid paying spousal or child maintenance

    Divorce law states that couples must be completely open and honest about their finances and the division upon divorce or dissolution must be fair to both parties. Only in certain circumstances can assets be left out of the financial proceedings, for example, if specific assets were acquired by one of the partners before they got married or entered into a civil partnership.

    A forensic accountant can play a vital part in divorce and dissolution proceedings, including where there are concerns about hidden assets, understated income and fraud.

    The role of the forensic accountant is to calculate the estimated value of hidden assets so that they can be taken into account during divorce financial proceedings. Taking this step now could save you a lot of time, stress and money by avoiding a scenario where you have to re-open financial proceedings later on.

    If you are interested in hiring a forensic accountant for divorce, please get in touch with Crisp and Co today.

    What does a forensic accountant do?

    • Follows paper trails to trace assets through accounts
    • Uncovers hidden assets, including offshore assets
    • Accurately estimates the value of businesses
    • Analyses which assets pre-date the marriage or civil partnership
    • Assists with funding settlements where assets are illiquid

    Accountants for divorce can support you to ensure that your financial settlement is fair in the circumstances. To learn more, please do not hesitate to contact us.

    Can a forensic accountant be used in a divorce?

    Yes, a forensic accountant can be used in a divorce. These professionals can be hired to identify assets that are suspected to be hidden or undisclosed. They can also help to valuate assets that are more complex, for example, companies and stocks.

    If you are considering hiring a financial investigator for divorce, we can answer any questions you may have.

    What is a forensic accountant, and how do they differ from a regular accountant?

    A forensic accountant is a type of accountant who investigates suspected fraudulent financial activities, such as money laundering or hiding assets during a divorce financial settlement.

    These professionals differ from regular accountants because regular accountants are responsible for recording financial activity and analysing it, whereas forensic accountants conduct investigative work.

    For instance, forensic accountants often investigate whether or not illegal activities have occurred. They may also support clients during divorce settlements to value complex assets or assess which assets should or should not be included as part of a marital plot.

    If you suspect that your partner may be hiding assets, it is advisable that you work with a specialist forensic financial investigator for divorce.

    When is it necessary to hire a forensic accountant in a divorce?

    It is necessary to hire a forensic account in a divorce if you believe that your partner is attempting to hide assets or that they might attempt to do so.

    Such incidents might be more likely in a high net worth divorce or potentially, where the divorce has been particularly contentious, and there have been ongoing disagreements regarding asset division.

    Forensic accounting for divorce is not necessary in all circumstances, and if you are unsure as to whether you need to hire a forensic accountant, our experts can advise you.

    How does a forensic accountant investigate hidden assets or income?

    A forensic accountant investigates hidden assets or income in various ways, for example:

    • Contacting third parties, such as suppliers, banks or business associates, in order to authenticate claims
    • Close analysis of financial records, checking for any unusual activity or inconsistencies that could suggest undisclosed assets
    • Conducting out asset tracing processes in order to locate certain assets and establish ownership

    What impact can a forensic accountant’s findings have on the division of assets in a divorce?

    A forensic accountant’s findings can have much impact on the division of assets in a divorce, these include:

    • Undisclosed income or assets are uncovered and, therefore, included in the divorce settlement, resulting in a fairer division of assets
    • The spouse who has attempted to hide assets is likely to incur legal and/or financial penalties
    • The spouse who has disclosed their assets properly is likely to be awarded a larger share of the marital plot

    A family law forensic accountant can help clients who suspect their spouse of attempting to hide assets, supporting you through all the necessary stages.

    Will the forensic accountant need to review all financial records, or just certain documents?

    When conducting an investigation, it is likely that a forensic accountant will review various different financial records, such as company accounts, investment portfolios, tax records and bank statements.

    They are likely to conduct a thorough investigation, looking for inconsistencies and evidence across various records, as opposed to one or two specific documents. Regardless, the analysis will depend on the case itself.

    If you have any questions, our divorce accountants would be more than happy to answer them.

    Who pays for a forensic accountant in a divorce?

    The cost of hiring a forensic accountant is usually paid for by the spouse who hired them. However, where one spouse is found to be deliberately concealing assets or income, the Court may then order them to take responsibility for covering the fees.

    How our divorce solicitors can help

    Going through a divorce or dissolution is hard enough without disagreements about wealth and finances. Our highly skilled divorce solicitors regularly deal with divorce cases involving complex finances, businesses, international issues and high value assets.

    We will provide advice about whether you could benefit from a forensic accountant to help you strengthen your negotiating position and provide evidence for any financial claims.

    With our expertise on your side, you won’t need to worry about your former partner successfully concealing assets to which you have a claim. We will work closely with your forensic accountant to locate assets and get an accurate picture of your matrimonial finances. We can then use this information during negotiations with your former partner or in support of any financial claims in court.

    Where your forensic accountant has obtained evidence that your former partner is hiding assets or intends to dispose of assets to prevent them from becoming part of the divorce proceedings, we can provide advice on the steps you can take to resolve the matter, including:

    • Engaging your former partner in settlement discussions
    • Provide advice about using collaborative law to negotiate divorce financial settlements
    • Help you obtain a Freezing Order or Injunction to prevent your former partner from transferring or disposing of assets
    • Apply to court for a range of Financial Orders

    If you are interested in hiring a forensic accountant for divorce in the UK, please contact our team today.

    Collaborative law

    Our team includes collaborative family law specialists who have considerable experience helping individuals find constructive resolutions to divorce and dissolution issues without resorting to lengthy and stressful court proceedings.

    The process involves attending a series of round-table meetings with your former partner and your respective collaborative lawyers to negotiate a financial settlement. Your collaborative lawyer will be specifically trained to represent your interests during this type of meeting and can liaise with your former partner and their lawyer on your behalf. You can also invite other professionals, such as your forensic accountant, to give their expert advice and support your financial claims.

    For more information, visit our Collaborative Family Law page.

    Freezing Orders and Injunctions

    We can help you obtain a Freezing Order (also known as an Injunction) to prevent your former partner from transferring or disposing of assets during the divorce financial proceedings.

    Your former partner may try to hide assets in many ways, for example by:

    • Selling property
    • Moving assets overseas
    • Mortgaging property
    • Spending savings
    • Making assets illiquid
    • Putting money and property into trust
    • Giving belongings away to family and friends for ‘safe keeping’

    A Freezing Order can affect all types of assets, both in the UK and overseas, including bank accounts, property, shares, cars and belongings such as jewellery.

    For further information, please visit our Freezing Orders and Injunctions page.

    Financial Orders and court proceedings

    The court is able to make far-reaching Financial Orders during court proceedings, including ordering assets to be transferred or sold, ordering spousal maintenance and generally deciding how assets should be split between the separating couple. To make their decision, the judge is required to take into account a number of factors, such as the couple’s ages and duration of the marriage, their needs, and the needs of any children.

    The final split must be ‘fair’ to both parties. This allows the court to take steps to prevent your former spouse from hiding assets, blocking the sale and transfer of assets, and even recovering assets that they have transferred out of their ownership.

    As well as Freezing Orders and Injunctions, we can provide advice on the wide range of Financial Orders you can seek from the court in relation to your divorce or civil partnership dissolution, including Enforcement Orders (which we can help you apply for if your former partner fails to comply with the terms of the Financial Order).

    Why choose Crisp & Co’s divorce lawyers?

    Crisp & Co is a dedicated family law firm that specialises in complex divorce and dissolution matters.

    Amongst our team, our Senior Partner, Henry Crisp has nearly 30 years’ experience handling financial issues in divorce and civil partnership dissolution cases. Henry and Partner, Carol Christofi, are both trained collaborative lawyers who dedicate themselves to helping individuals and families find constructive resolutions to family law issues out of court wherever possible.

    We also have a dedicated in-house forensic accountancy team who have deep expertise within this highly specialist field and are on hand as part of your divorce team if and when you need them.

    We are members of the Law Society Family Law Advanced Accreditation scheme for our ability to handle high value family law matters and matters involving complex aspects such as businesses, trusts, multiple properties and international assets.

    Get in touch with our divorce solicitors

    For assistance with your financial arrangements upon divorce or dissolution, get in touch with our family lawyers by giving us a call or filling in our simple online enquiry form.