Three Reasons Why You Need Hire a Forensic Accountant...

We all know divorce is expensive. Most divorce lawyers ask for retainers

between 3,000 and 5,000 dollars. So it can come as a shock when your lawyer recommends you hire a forensic accountant.

These professionals charge anywhere from $5,000 and up. It is a huge divorce expense and you may be wondering if you really need to hire one.

Although a forensic accountant may be expensive, if there are substantial assets to be divided, it can be money well spent. I know of a woman whose husband offered her a large settlement after discovering his business would be evaluated by a forensic accountant. Apparently he had been less than truthful on his tax returns and was fearful the accountant would find out and report the findings to the court.

Here are three reasons why you may need a forensic accountant:

1. You own a business. The forensic accountant can provide a valuation of what he thinks the business is worth. It is crucial that you know the true value of your business when negotiating your divorce settlement.

2. Your ex owns a business and you do not have access to the business records. Ex-spouses' have been known to manipulate business records in their favor, especially if it is a cash business. If you have not been part of the daily operations of the business and do not have the financial records, you will need a forensic accountant.

3. You have reason to believe your ex is hiding assets. If you have any reason to believe that your ex is being dishonest and may be hiding bank accounts, selling assets or resorting to sneaky behavior when it comes to the family finances, you may need both a forensic accountant and a private investigator.