My spouse owns a successful company. Now that we’re getting a divorce, what …

“My spouse owns a successful company. Now that we’re getting a divorce, what kind of expert should I hire to appraise the company?”

A forensic accountant should be retained to appraise the company. In divorce cases, forensic accounting services typically include the following:

1. Performing complex business appraisals;
2. Calculation of income available for spousal and child support;
3. Tailoring the discovery devices to obtain all of the documents necessary in your case;
4. Attending and assisting the attorney at depositions;
5. Clarifying and uncovering tax liabilities of the parties;
6. Discovering false or misleading financial statements and records;
7. Tracing separate property funds;
8. Assisting counsel in settlement negotiations;
9. Preparing court exhibits; and
10. Providing expert witness testimony.

For the best possible outcome in your divorce case, the services of a forensic accountant are essential at the inception of the case. It is best for you to retain your attorney first and then shortly afterwards hire a forensic accountant to work with your attorney. This way, your legal team will be prepared to work together from the first court appearance on your case, which is typically a hearing referred to as the Order to Show Cause (OSC). The forensic accountant’s testimony at the initial OSC is instrumental to the court in its determination of the following:

1. The amount of temporary spousal and child support you will receive; and
2. The court’s order for payment by your spouse of a portion of your attorney’s fees and costs, including forensic accounting fees.

The forensic accountant assists the attorney during discovery by tailoring document requests, interrogatories, attending depositions, and assisting in other related elements of discovery for preparation of exhibits and evidence for use in a courtroom. The early involvement of the forensic accountant can be invaluable in making initial assessments about a case, including strengths and weaknesses of the evidence. Through the preparation of exhibits and reports by your forensic accountant, your attorney will be prepared to get your case to court as soon as possible to obtain funds for spousal and child support, as well as fees and costs necessary to appraise the company that your spouse operates.