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The Forensic Accounting Lawyer Partners with a Forensic Accountant This article discusses a new lawyering partnership for the Forensic Accounting Lawyer. The Forensic Accounting Lawyer does not have to be an accountant himself because he can partner with someone who is a Forensic Account. Together the team can determine if a spouse is hiding assets from the other or if there are new or hidden bank accounts.
Whenever a divorce proceeds, a spouse can throw right and wrong to the wind to gain what he or she wants from the other. There are many reasons for this behavior whether the spouse wants to guard what he/she considers ‘’his/her’’ money, or is just making his/her best effort to ensure the spouse suffers loss whether in the form of financial loss or some sort of degradation of character. Whatever the retaliation, sometimes one of the spouses has to ensure the split is fair and he/she is getting whatever is entitled. This is when a Forensic Accounting Lawyer becomes necessary. The Forensic Accounting Lawyer is of special use in these situations because a Forensic Accountant who partners with the Forensic Accounting Lawyer can look into finances of the soon to be ex-spouse. The forensics review can indicate how much money is coming in and how much is actually spent. This is when the Forensics Accountant can see if it all adds up to the share that is proper. The key point here is that a Forensic Accountant can work together with the Forensic Accounting Lawyer to make sure the client is not being cheated out of their fair share of assets and property. A Forensic Accounting Lawyer and Forensic Accountant partnered together can conclude if your spouse is hiding money. It will be done by understating his/her assets, income, or value of anything else like a business. Some patterns help to identify when a spouse might be occupied with such behavior: • • • •
Cash transactions not reported Big one-time purchases Transaction dealings shown to family or himself Establishing new or hidden bank accounts
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Paying out unreasonable owner salary levels A sudden decrease in gross income appears
The key is to indicate if the analysis shows the spouse supporting himself/herself at the income level and expenditures being claimed. If less money is coming in than what is being spent, then the indication is financial records may not be truthfully stated. Why do I Need a Forensic Accounting Lawyer? A Forensic Accountant normally partners with a Forensic Accounting Lawyer so they can coordinate what is being researched and interpret what is uncovered. It is your Forensic Accounting Lawyer who will make sure that your interests are always represented during the divorce proceedings, especially if the case goes to court. The Forensic Accounting Lawyer is a newly termed status for lawyers and this field is just in its beginning. The salary would be similar to other lawyers practicing family law and billed by the hour or as a flat fee predetermined by the firm. It’s an attractive option to some couples who embark on a divorce proceeding and want to ensure their side is well represented. It was inevitable the term ‘’Forensic’’ would someday appear describing an attorney. Forensic Lawyers are already recognized in the United Kingdom and the firms have been offering every type of forensic job that can be hired out to police and investigators. The forensic specialists are closely tied to the Law Firm and the practice is pulling in more work for the lawyers to naturally follow up on.
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