Use of Forensic Accountants in Divorce Proceedings
Just because your assets, or those of your husband, wife, or civil partner, are complicated it does not necessarily mean you need to use a forensic accountant in your divorce financial settlement proceedings. Family law solicitors can help you work out whether the use of a forensic accountant is justified in your circumstances.
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For divorce and financial settlement legal advice call the expert London family lawyers at OTS Solicitors on 0203 959 9123 or complete our online enquiry form .
Instructing a forensic accountant in your divorce
Instructing a forensic accountant in your divorce does not mean that you are going to have to ask a judge to make a financial court order after contested divorce financial settlement proceedings. A forensic accountant can help you reach a divorce financial settlement using:
- Solicitor negotiations
- Solicitor roundtable meetings
- Family mediation
- Family arbitration
If you can reach a financial settlement using one of the above methods your family law solicitors can help you convert your agreement into a binding financial court order by submitting a draft court order and a supporting financial statement of information to a family judge for approval. In most cases, there is no need for you or your family lawyer to attend court to get your financial consent order as the judge will approve the requested order without the need for a formal court hearing.
When do you need a forensic accountant in your divorce financial settlement proceedings?
Family law solicitors can help you work out whether the use and cost of a forensic accountant are justified. For example:
- If you have been married for 12 months and signed a prenuptial agreement saying you would not make a financial claim against the family business that your husband or wife owned before the marriage then the use of a forensic accountant may not be necessary
- If you have been married for 20 years and before your marriage difficulties your husband or wife agreed to sell the family business to a third party who is not connected to your spouse and you are satisfied that the sale of the family business was not a devious device to reduce your share of the divorce financial settlement by undervaluing the business. Accordingly, the use of a forensic accountant may not be necessary
- If you have been married for 10 years and you think your husband or wife has been planning a divorce for some time and they have been siphoning off assets and money from the family business, for example by overpaying on supply contracts with old friends or through use of their director loan account or cash transactions, then use of a forensic accountant may be necessary to help you achieve a fair divorce financial settlement
No 2 families or their divorces are the same so it is best to have an open mind about the use of experts in divorce financial settlement proceedings. For example, if your spouse has a final salary pension or SIPP pension then you may need to instruct a pension actuary to help you accurately value the pension assets and achieve a fair pension sharing order.
What can a forensic accountant do in divorce financial settlement proceedings?
Whether you are negotiating a financial settlement or embroiled in divorce financial settlement court proceedings, a forensic accountant can help you in several ways, such as:
- Providing you with peace of mind and the confidence to negotiate a divorce financial settlement knowing that the risk of assets being hidden from you is low because your forensic accountant has looked at your concerns and fully investigated them
- By looking at your husband or wife's Form E financial disclosure and helping your divorce family solicitor prepare a formal list of questions about the extent of your spouse’s financial disclosure or about the company accounts or their valuation of the family business
- By acting as a single joint expert appointed by the court to carry out a neutral and independent valuation of the family business and prepare a report on the value and the liquidity of the business
- By acting for you and helping your family solicitor in tracing assets, such as investments that have been moved overseas, property placed in a trust, land purchased abroad, property that has been transferred to friends or family members, or cryptocurrency investments
A forensic accountant can either give you advice alone or they can be appointed to report jointly to you and your spouse as a single joint expert. Your family law solicitor can discuss the benefits of each approach and what is likely to work best for you given your family and their personal and financial circumstances.
A forensic accountant can add value to cases that do not involve a family business. For example, if your spouse has been a high earner for years but the money has disappeared with no assets to show for it. You may know that the use of a forensic accountant is not justified as your spouse was always a spendthrift but, in other situations, you may be rightly suspicious of where the income has gone, particularly where you think your husband or wife may have been planning their separation or divorce for a while.
Using a forensic accountant can be a good use of your resources if it helps you trace family assets or answers your questions about where income or cash or property has gone. That’s why specialist family law solicitors say it is best to keep an open mind on the expert legal and financial help you need to reach a fair divorce financial settlement that works for you and your family.
Online and London Family Law Solicitors
For expert divorce financial settlement legal advice call the specialist London family lawyers at OTS Solicitors on 0203 959 9123 or complete our online enquiry form .