How Forensic Accountants Uncover Hidden Income and Property in Georgia Divorce Cases

Honesty is always the best policy, even through a messy divorce. Yet, for many people, it is not always clear if the soon-to-be spouse is being fair and honest. When you suspect they are not, hiring an accountant can prove to be critical.

Using a Georgia divorce forensic accountant can prove to be a valuable resource when uncovering property and assets otherwise hidden. At Attorney Sharon Jackson, LLC, we work with clients in high-net-worth cases to identify all assets that should be considered in the divorce, ensuring fair treatment and outcomes.

Role of Forensic Accountants in Divorce

A forensic accountant investigates financial records of all forms with the intention of creating an accurate understanding of a person’s financial state. The goal is to identify all undisclosed income or assets.

What sets these professionals apart from other accountants is their extensive experience in navigating hard-to-find, digital, and otherwise hidden assets. They will utilize technology, combined with expertise, to uncover hidden details in tax returns, business filings, and bank statements, and pinpoint discrepancies and transactions that are not otherwise clarified. With specific training in digital forensics, these professionals have the necessary tools and skills to uncover hidden income in Georgia.

Common Ways Income and Assets Are Hidden

It is not uncommon for spouses not to share all income and property. In situations where a contentious relationship exists, particularly when one party holds a greater share of the assets than the other, income, property, and other assets can remain undisclosed. This may include:

• Undisclosed bank accounts in the U.S. and overseas
• Cash businesses that may not have an accurate paper trail
• Offshore assets and accounts are not known to both parties
• Transferring property to other family or friends, and in some cases, business entities, in an effort to hide it
• Undervaluing assets or not providing accurate details on the total value of assets

These are some examples of how assets may be hidden, but by far not the only potential way it can happen. Asset tracing in a Georgia divorce can be a complex process, but with a forensic accountant working on your behalf, you can expect there to be more opportunities to uncover what is hidden from you.

Methods Forensic Accountants Use to Trace Assets

Hidden assets can be challenging to find using traditional methods. However, with a range of tools and strategies, forensic accountants can find insights. Some of the methods they may use include:

• Scrutinizing financial statements. This often includes reviewing bank statements, credit card bills, and tracking all withdrawals and deposits.
• Reviewing tax returns. This may include looking for inconsistencies in income and reported assets. It may be possible to note earned income from outside sources reported to the IRS but not disclosed to you.
• Reviewing business records. Unaccounted for transfers or transactions, off-balance accounting sheets, or transfers of funds that are otherwise undeclared
• Lifestyle analysis. In this process, the accountant examines the income a person reports and their expenses to determine if there is alignment. It also involves tracking cash flow to uncover additional details.
• Spending habits. Is a person spending more than they seem to be making? Uncovering any instances of luxury purchases or assets that may not seem fitting to a reported wage.

Forensic accounting in divorce cases is not a simple or straightforward task. Often, it takes uncovering clues and then conducting further research to find answers.

Why This Matters in Georgia Divorce Law

As an equitable distribution state, accuracy in reporting assets and earnings is critical. All marital assets must be disclosed before the division of assets occurs. If there is hidden income or assets, that could impact the amount of child support or alimony the court may require that party to pay.

Benefits of Hiring a Georgia Family Lawyer and Forensic Accountant Together

A Georgia family lawyer’s hidden assets strategies and tools can prove to be critical in helping you uncover what your spouse is hiding. Uncovered hidden income in Georgia directly impacts the amount of alimony and child support paid to you. When you hire an attorney for forensic accounting in divorce cases, you can expect help with:

• Coordinating legal and financial investigations into your spouse’s assets
• Stronger evidence for court proceedings and settlement negotiations
• Improved peace of mind knowing that you are receiving fair treatment under the law

Hidden assets in divorce in Georgia are not necessarily illegal, but they often occur. With the help of our legal team, you can get answers before you file for divorce.

What to Do if You Suspect Hidden Assets: Hire Our Team for Guidance

There are several steps you can take if you suspect your spouse is hiding assets.

• Keep detailed records of all information you have
• Obtain copies of financial documents
• Discuss your concerns with your attorney

At Attorney Sharon Jackson LLC, we provide confidentiality to you. We answer your questions and determine what is happening. Set up a consultation by calling (678) 436-3636 now to discuss your case.

FAQs: Asset Division In A Gwinnett County Divorce

What is an equitable distribution in a divorce in Georgia?
Equitable distribution in Georgia means that separate property remains owned by that party, but all marital assets are divided with equity. That is, they are divided based on what the court believes is fair.

How do I locate hidden assets from my spouse?
To find hidden assets, it is best to hire a forensic accountant. Because it can be a significant investment, speak to our legal team first to determine if we believe there is reason for you to seek these steps. If so, we can help you obtain the resources necessary to find a professional to help you.

Is Georgia a 50/50 state in divorce?
No, Georgia is not a 50/50 state. It does not follow the principle of equal distribution. Rather, marital property is divided equitably. That means it is divided fairly based on factors such as each spouse’s financial situation, contributions made, and other factors.