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A Need For Forensic Accountants

Member: Nifa

According to a report from the EU’s statistical office, Eurostat, the UK has the highest divorce rate in the European Union, with 2.8 divorces per 1,000 marriages, compared with just 0.6 per 1,000 in Luxembourg.  Since divorce settlements almost inevitably involve financial arrangements, this means that more people in the UK will probably need the services of a forensic accountant than their counterparts across the rest of the EU.

Financial issues are often the most contentious in divorce actions and for any couple with anything more than the very simplest financial affairs, frequently lead to disputes and allegations of one spouse or anything hiding assets.  However, if the person who suspects underhand dealing engages a team of forensic accountants, they can be assured that anything their spouse may have tried to hide will be found.

Forensic accountants possess unique skills that allow them to help a suspicious spouse get their fair share from a marriage breakdown and can find even the most cleverly hidden assets.  Through a thorough examination of financial records, a forensic accountant plays a vital role in uncovering hidden or transferred assets and income that directly impact both support and equitable distribution. 

They are uniquely qualified for this role because of their knowledge and experience in financial document analysis, accounting principles and auditing techniques and using sophisticated software they can trace money flow wherever it goes.  They can also investigate the accuracy of disclosures provided by the spouse, particularly when there are business or offshore interests and provide valuable assistance with financial settlement-related tax issues into the bargain.

Author: Roger Isaacs, 20 June 2014

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