49: What Women Need to Know About Divorce from a Forensic Accountant with Tracy Coenen

<p class="p1">Today, Stephanie and Kevin are joined by Tracy Coenen, a renowned forensic accountant whose work involved fraud investigations on both a corporate level and in divorces. Kevin asks if Tracy’s work is as exciting as it seems in the movies. Her work, as she says, is to find the money and is exciting in a different way.</p> <p class="p2"> </p> <p class="p1">To kick off the Take Back Retirement divorce series of episodes, Stephanie inquires why forensic accounting is important in divorces. In many cases, one spouse has a clearer understanding of the state of their finances than the other, and for the spouse who is less involved, they can miss out on a significant amount of money in the division of the marital estate. Contrary to depictions in pop culture, offshore accounts and shell companies aren’t all that common. Additional bank accounts unknown to one spouse, however, are far more likely to emerge.<span class= "Apple-converted-space"> </span></p> <p class="p2"> </p> <p class="p1">A forensic accountant isn’t always entirely necessary, Tracy explains, as much can be found by an individual, as outlined in her Divorce Money Guide. She emphasizes the importance of each spouse needing to have an adequate picture of finances to ensure a fair division of assets. She notes that sometimes, like with gambling or money spent on affairs, there is potential for money to be made back. It is not just money that is to be found in these investigations, but also debts that one spouse may not be aware of.<span class= "Apple-converted-space"> </span></p> <p class="p2"> </p> <p class="p1">In an individual’s pursuit of information, Tracy advises, it is important to go through legal channels, and not give a judge reason to question your behavior. Hidden income also can emerge in these investigations, which can easily be found in tax returns. Tracy shares a story of success with a client, where she found utilities being paid on a property the wife was unaware of.<span class="Apple-converted-space"> </span></p> <p class="p2"