July 2022

The average duration of marriage for Australians in 2019 was about 12 years, and so in many cases couples are divorcing even quicker than this.  Divorce proceedings can be an expensive exercise and can result in one party being at a substantial disadvantage financially due to savings and other assets being intentionally hidden or distributed out of sight from their spouse. Often one person in a marriage will bear the burden of being financially disadvantaged during divorce proceedings following dishonest disclosure of assets and liabilities by their spouse.

 

It is essential during divorce proceedings that assets and liabilities are distributed to each side on a fair and equitable basis. A good starting point is to establish an asset and liability position for each party, to be agreed upon by each party. During divorce proceedings, assets and liabilities can be hidden from one party using various financial tactics. This is the same with income and expenditure levels. Often for parties, calculating assets and liabilities is much more complicated when a business is involved. If you feel that your spouse is not being honest during the disclosure process of your asset and liability position, now is a good time to engage a forensic accountant.

 

Engaging a forensic accountant will allow a forensic lens to investigate the financials of your matrimonial accounts to build a clearer image as to a true financial position. This is particularly important when distributing funds from superannuation, real estate, savings and business accounts. Undisclosed assets from one party can be extremely costly to the other side, especially in the calculation of child support payments and asset distribution.

 

The value of engaging a forensic accountant to secure your financial future should not be understated. We can work with your legal representative to establish a Matrimonial Financial Position of both parties, allowing each other to move onto their next stage of life in the most fair and amicable way possible. It is best to engage a forensic accountant earlier on in the process to come to a quicker resolution and for peace of mind.