According to the U.S. Census conducted four years ago, Maryland is ranked as one of the wealthiest states. That being said, there may be a higher concentration of affluent couples residing here. For this reason, when some of these same couples contemplate a divorce, they may also wish to retain the advice of a financial expert while going through the process.
Recently, one advisor explained his reasons for why those couples who have accrued various assets during the course of a marriage may benefit from the services provided by a forensic accountant. While it is true that many couples are capable of arriving at an amicable agreement concerning the division of their assets, the more wealth a couple has acquired, the more the temptation to conceal certain assets may arise. This advisor stressed how wives, specifically, may encounter stumbling blocks when attempting to ascertain her former husband’s true wealth.
The benefits provided by an experienced financial investigator may pay dividends in the long-run, especially when there may be business, investment and retirement assets to be untangled. Along with stocks, trusts and various other holdings, both parties run the risk of holding the tax bills when the divorce has been settled and if the liabilities were not thoroughly researched by either party. In addition, an accountant may offer help in sorting which assets may be marital and can determine if provided documents fully disclose assets.
Divorce is no doubt an emotionally draining experience. However, Maryland it does not have to be a financial drain as well. There are many experienced resources located within the state that can provide guidance on asset and property division as well as all other aspects of a divorce.
Source: Forbes, “Why A Forensic Accountant Belongs On Your Divorce Team“, Jeff Landers, Sept. 4, 2014