It was Hollywood film star Cary Grant who once remarked that “divorce is a game played by lawyers”. It is a view that one of the UK’s leading judges – in part, at least – clearly supports.
Mr Justice Mostyn has announced that he wants to introduce reforms to prevent the legal costs associated with divorce from scaling up astronomically. He cited an example from several years ago in which a couple racked up lawyer fees of £920,000 in the divorce courts to decide how to divide their assets worth £3 million.
Although involving particularly large sums of money, this is not an uncommon situation because divorce proceedings can so often become stagnated as both sides dig their heels in during tough negotiations. It is in these cases – when the two parties find themselves at loggerheads – that forensic accounting can prove so valuable.
Often progress in divorce investigations is stalled when there is a disagreement of the value of particular assets – such as property or businesses – or when there is suspicion that some assets are not being disclosed. The experts at Frenkels Forensics can address these exact problems.
By first completing a full investigation into all the assets held by a married couple, both together and as individuals, the experienced forensic accountants can then go about conducting valuations to show the exact worth of all that is owned. This objective and scientific quantifying of the assets will in turn make it far easier to divide them up between the two parties.
Ultimately, bringing matters to a satisfactory conclusion by calling upon outside forensic accounting help will save on the time and money that needs to be spent in divorce courts in the long run while also alleviating the emotional strain that comes with lengthy negotiations.
For expert financial help in settling a divorce contact Frenkels Forensics for an independent appraisal.
By Vitek Frenkel – find me via Google+.