Welcome back and thanks for joining us. We’ve been talking about forensic accounting, and how the use of artificial intelligence is becoming more and more common in tracking money during divorces. As we mentioned in the previous article, forensic accountants step in when there are hidden assets that need to be found, or when a couple’s financial portfolio is complex and will take time to assess. But what does A.I. have to do with it?
The more complex your finances, the more A.I. can help!
For couples with complex financial portfolios, A.I. can make a very complicated process much easier. If all you have are the basics – house, car, savings accounts – then it’s easy to divide your assets. But if you have a complex financial portfolio, the time it would take a forensic accountant to figure out exactly what’s what will add thousands to your divorce bill! Which is why A.I. is changing the accounting landscape for divorce attorneys and their clients.
What could make a couple need a forensic accountant for their divorce?
As we said, the more complicated your finances, the more likely you are to need a forensic accountant. And what does a complicated financial portfolio look like? Each one is different, but could include any of the following: Stock options, deferred compensation, closely held professional practices, complicated partnerships, assets held in trusts, properties owned in other states, valuable art collections, and rare collectibles in need of appraising.
What can a forensic accountant do for you?
A forensic accountant, with the help of A.I. software, can uncover all kinds of unethical and illegal financial dealings, like these:
- Underreporting income
- Transferring assets to dummy corporations
- Maintaining secret, undisclosed bank accounts
- Padding payroll checks
- Creating fake debt
- Making expensive purchases with secreted funds
What can you do to help your forensic accountant?
It may not seem like you’ve got anything to offer a forensic accountant, but the truth is you do! A forensic accountant won’t be able to create a complete picture of yours and your spouse’s finances without your help. And that help comes in the form of information. So don’t hold back. Give them everything you can find, and everything you can think of that might have anything to do with your family’s financial situation. You never know what might be important, and what might end up being the clue that cracked the case.
Are you considering divorce, but have money concerns?
If you or a loved one are considering ending your marriage, but have concerns about your spouse’s unethical approach to money, or you have considerable assets and need help to figure it all out, call The Kronzek Firm at 866 766 5245. Our highly skilled and experienced divorce attorneys have access to some of the best forensic accountants and other experts in the state. We’ll work hard and make use of our considerable resources to ensure the best possible outcome in your case.