Divorce can be litigious, but it does not have to be. However, one of the many times that a divorce process can break down is during the property division process. And, if you are going through a divorce in California, you may be wondering how to divide your marital property fairly and accurately.
Community property
California is a community property state. This means that both spouses own all assets and debts that they obtained during the marriage, unless there is a valid prenuptial or postnuptial agreement that states otherwise.
Not so easy to find everything
However, not all Irvine, California, property is easy to identify, value or divide. Some spouses may try to hide, undervalue or overvalue certain assets or debts to gain an advantage in the property division process.
Forensic accounting
Forensic accounting is a specialized field of accounting that involves investigating and analyzing financial records and transactions to uncover fraud, misrepresentation or other irregularities. A forensic accountant can help you with property division in California.
How can they help?
A Newport Beach, California, forensic accountant can trace and locate hidden assets or income sources, such as offshore accounts, trusts, businesses or investments. They can also value complex assets or debts, such as retirement plans, stock options, intellectual property or business interests.
Forensic accountants can determine the separate or community nature of assets or debts, such as inheritance, gifts, loans or commingled funds. They can evaluate the tax implications of different property division scenarios and prepare financial reports and exhibits to support your case in court or mediation.
The takeaway
Hiring an Orange County, California, forensic accountant can be a worthwhile investment if you suspect that your spouse is not being honest or cooperative about the marital finances. A forensic accountant can help you protect your rights and interests and ensure that you receive a fair and equitable share of the marital property.