THROUGH THE EYES OF A FORENSIC ACCOUNTANT'S POINT OF VIEW

HOST: Beverly Price, Divorce & Empowerment Coach

GUEST: Tracy Coenen, Forensic Accountant and Fraud Coach for Divorce

SUMMARY:

Are you worried about hidden money and concealed assets in your divorce process or are you entangled in a complex financial situation where transparency is crucial? Navigating these circumstances can be overwhelming, leaving you with questions about the whereabouts of undisclosed funds, the total value, and the extent of expenditures. Getting a clear picture of your financial situation and seeking professional help to address these concerns is essential in ensuring a just and equitable settlement and the much-needed peace of mind during this challenging period. In this episode of Her Empowered Divorce, your Host, Beverly Price, talks to Tracy Coenen, Forensic Accountant and Fraud Coach for divorce. Together, they discuss how you can find hidden money in your divorce, how to identify red flags, and the nontechnical ways to gain insight into your financial situation independently.

 KEY TAKEAWAYS:

●     Knowledge is power, and you should not sign a settlement without having a clear picture of your financial situation. Even if you are not suspicious and want the divorce over with, you still need all the facts before you sign the settlement agreement because you only have one chance to get the right settlement.

●     “I just wanted to be done” is a common statement after divorce that often comes from the biggest mistake most women make: letting the emotions hijack them to the point of throwing off their hands, taking whatever is on the table, and settling it.

●     “Let's save money. We don’t need an attorney.” When your spouse tries to rush you into the agreement without an attorney, this is a big red flag. You need someone on your side to help you evaluate things objectively.

●     There is a whole laundry of red flags, but some of the most common in a divorce situation is a behavior change, which could be a change in schedule and whereabouts, how they are spending money, how they are paying for things, and not giving you access to money and financial information.

●     If you are thinking about filing a divorce, the first thing you should do is to gather information. Information is your friend; get all the statements for your joint accounts before you say anything to your spouse. 

NOTABLE QUOTES:

●     You might trust your spouse and think that those couple of accounts you don’t have the statements for aren’t a big deal, but why is he not disclosing the statements to you if they weren’t a big deal and there is nothing to worry about? (Tracy)

●     Money and finance are the biggest concerns for people in divorce, and one of the biggest expenditures is going to be for your attorney, but being prepared and strategic can help you save money with your attorney. (Beverly)

●     Before you even hire your attorney, hire a divorce coach, someone who knows the process and can help you evaluate things objectively. (Tracy)

●     If you see one concerning sign, it could be a one-off or unusual situation, but when you see multiple red flags that build up and behavior that’s not making sense over money, that is when to get concerned. (Tracy)

●     The money issues in a divorce can be overwhelming, but it doesn’t have to be complicated; you can always find a forensic accountant if you need one, but for most people, there are typical ways that money is hidden, and there are nontechnical ways for finding out about that money. (Tracy)

●     Too many people rely on their divorce attorney for everything; they want them to be their counselor and accountant. Don’t have your attorney do everything; you will be better off working with a divorce coach and a CDFA. It’s more cost-effective and will help you get better results on the things they are experts in. (Tracy)

●     If you are actively in the divorce process, one thing you can do to change the journey is to make sure you are working with the right professionals; with the right team, it’s going to save you money in the long run. (Tracy)  

Resources from Tracy just for you: https://www.fraudcoach.com/beverly

ABOUT OUR GUEST:

Tracy has been investigating fraud for more than 25 years, but she didn’t always want to be a forensic accountant. With a dream of one day being a prison warden, Tracy went to Marquette University in Milwaukee, WI to get a criminology degree. A class on financial crime investigations reminded her how much she loved Encyclopedia Brown books as a kid. She continued her criminology degree but added accounting and economics courses so she could sit for the CPA exam… and here Tracy is, finding money in cases of corporate fraud, high net worth divorce, and other financial shenanigans.

FOLLOW OUR GUEST:

Website: https://www.fraudcoach.com/

Instagram: https://www.instagram.com/divorcemoneyguide

Facebook: https://www.facebook.com/divorcemoneyguide/

YouTube: https://www.youtube.com/channel/UCqnuM4dHOcHChV-Tb8hV3MA

ABOUT YOUR HOST:

Beverly Price is the empowering divorce coach who guides women on their journey before, during, and after divorce to eliminate pain, overwhelm, sadness, and anger and create more knowledge, skill, and peace that she experienced herself. In her 30 years of divorce coaching experience she has help thousands of women move through divorce, fully prepared with skills that enhance the results of their divorce process.

Remember, divorce doesn’t have to be a death sentence. With the right support and guidance, you can move through the process with knowledge, skills, and confidence. If you’d like to schedule a complimentary private consultation, reach out to Beverly at: 

https://Beverly-Price.as.me/ConsultationCall

CONTACT YOUR HOST:

Website: http://www.herempowereddivorce.com/

Instagram: https://www.instagram.com/her_empowered_divorce

Facebook: https://www.facebook.com/herempowereddivorce/

Facebook Group: Her Empowered Divorce Tribe: https://www.facebook.com/groups/herempowereddivorcetribe

YouTube: https://www.youtube.com/@herempowereddivorce1/

LinkedIn: https://www.linkedin.com/in/beverly-price/

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