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forensic accountant

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karen49 posted 8/8/2014 17:02 PM

Anyone out there who has used a forensic accountant?What we're the fees?

betrayedpregnant posted 8/8/2014 19:26 PM

I think it would depend on what they're investigating. Is it just individual expenses? Is it a business? How big is the business? Is it owned by the person only or with others as well? How long a time span?

GreatRoleModel posted 8/8/2014 22:43 PM

My neighbor did because millions were at stake. It cost her $25,000 for the assessment. This was done for the private company XWS ran and he was the sole owner but she ran the books the first few years before kids.

[This message edited by GreatRoleModel at 10:45 PM, August 8th (Friday)]

stronger08 posted 8/9/2014 02:27 AM

I am a big proponent of forensic accounting. Especially when it comes to a WS attempting to hide assets. Yet like everything else D related it must be cost efficient to pursue. A FA usually charges by the hour and the bill can add up very quickly. As the other member mentioned the cost is really related to the task at hand. Bottom line is not to spend a dollar to get back fifty cents. But spending a buck to get back two is certainly a wise investment. Use your common sense when deciding. If you have a WS who consistently was financially sound and had a good income suddenly becomes destitute during the D process without logical explanation or if large sums of marital assets miraculously disappear I think its time for a FA. Good luck and make sure you check out the FA before hiring. Like any other professional, you want to make sure you get what your paying for.

crisp posted 8/9/2014 05:46 AM

What Stronger said. In a previous life, I hired accountants to review the books of failing/failed companies. The level of review and type of accountant hired depended on a lot of factors. The three posts above make very good points on both possible scope of review and costs. What is the situation that has you thinking about such an examination?

Thefly559 posted 8/9/2014 06:44 AM

just gave a $5000 retainer $400/hr in nyc good luck

karen49 posted 8/9/2014 19:50 PM

He had his own business with partners which he sold prior to or maybe during the affair,he now lives a lifestyle that doesn't support his current income,which just doesn't add up.Everyone asks how he does it...bought a very expensive house,a boat,.all new furnishings etc.He currently makes about the same as me and I can't live like that

stronger08 posted 8/9/2014 21:14 PM

He could be running up his credit with these purchases. I'm sure you have his SS #, run a credit check and have a look see. If he has no outstanding debt he most likely is spending money from his sale of the business. Of which you are entitled to a percentage. Have you reached the financial disclosure stage for the D yet ? If not I suggest you get a lawyer to file a motion forcing him from spending the marital assets ASAP. If he is using marital assets to buy a home and furnish it your entitled to a piece of those also.

whiteflower99 posted 8/9/2014 21:41 PM

This is what I want to do. I want to specialize in infidelity cases. Good luck!!

wk55hn posted 8/9/2014 22:00 PM

Have you checked your own credit report recently?

crisp posted 8/10/2014 06:12 AM

Stronger- It is illegal to run a credit report on someone without their consent and inquiries produce trails. There are ways to get it, but she should be careful.

crisp posted 8/10/2014 07:03 AM

Karen- In order to do any sort of forensic exam you have to have access to the raw data. Do you or your attorney have a plan for getting access to what you would need? Probably the best way would be through the "discovery" process in your divorce action. The Rules of Civil Procedure provide mechanisms for him to supply what he has/has access to and for 3rd parties to produce material and be subject to testimony by subpoena.

This part of it should not be done expect under a carefully laid out plan or it could get very expensive with both the attorney and the accountant. Ask your attorney to orchestrate a "discovery conference" under the Rules so the judge knows what you are after and what document needs there will be.

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