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Full transcript by James Nolletti below.
Divorce involves the dissolution of a financial partnership. In some cases, the process is simple. A house, some cars, financial accounts, personal property, and bills. But for complex financial portfolios, the process is not so easy. Even in an uncontested divorce, distribution of more complex assets could be problematic. In addition to the basics, there may be closely held businesses, professional practices, or complicated partnerships. There might be trusts of various types, real property in other states, or even other countries. There may also be valuable, tangible items such as art, antiques, or rare collectibles, each in need of appraisal.
There could also be tax consideration. In a high-net-worth or complex asset divorce, the valuation and distribution of these types of assets can have major financial implications down the road. This is not something you should leave to chance. The valuation and longterm financial tax consequences of various settlement options are not things you can expect your attorney to project or calculate, even if you've retained a matrimonial attorney with decades of experience. Instead, an experienced forensic professional must be engaged. Forensic accountants are routinely employed in cases involving substantial assets that require tracing or valuation. To uncover undisclosed or under-disclosed assets, a forensic accountant usually starts with tax returns, both entity and individual, and the accountant will drill down to the general ledger or bank records to follow the money.
