Through the Eyes of a Forensic Accountant
HOST: Beverly Price, Divorce & Empowerment Coach
GUEST: Tracy Coenen, Forensic Accountant and Fraud Coach for Divorce
SUMMARY:
Are you concerned about hidden money or concealed assets during your divorce? Or perhaps you’re tangled in a complex financial situation where clarity and transparency are essential? Navigating these circumstances can feel overwhelming, leaving you questioning the whereabouts of undisclosed funds and the full extent of expenditures. It’s crucial to gain a clear understanding of your financial situation and seek professional help to ensure a fair and just settlement, as well as the peace of mind you deserve during this challenging period.
In this episode of Her Empowered Divorce, host Beverly Price sits down with Tracy Coenen, a Forensic Accountant and Fraud Coach for divorce, to discuss how you can uncover hidden assets, identify red flags, and take non-technical steps to better understand your financial situation. Tracy provides valuable insights into how to approach your divorce with confidence and ensures that you have all the facts before signing any settlement agreements.
KEY TAKEAWAYS:
- Knowledge is power—don’t sign a settlement without fully understanding your financial situation. Even if you’re eager to move forward, it’s essential to have all the facts before finalizing your settlement. You only have one chance to secure the right deal.
- A common mistake in divorce proceedings is rushing to settle out of emotional exhaustion. “I just wanted to be done” is a phrase many women say, often after letting emotions take over, leading them to accept a settlement without proper evaluation.
- If your spouse tries to rush you into a settlement without an attorney, that’s a major red flag. You need professional help to evaluate the situation objectively.
- Watch for signs of financial manipulation in your divorce, such as sudden changes in your spouse’s behavior, spending habits, or refusal to share financial information.
- If you’re considering divorce, start gathering information immediately. Secure statements for all joint accounts before discussing anything with 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 Coenen
- “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 Price
- “Before you even hire your attorney, hire a divorce coach, someone who knows the process and can help you evaluate things objectively.” — Tracy Coenen
- “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 Coenen
- “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 Coenen
- “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 Coenen
- “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 Coenen
ABOUT OUR GUEST:
Tracy Coenen is a Certified Public Accountant (CPA) with more than 25 years of experience in forensic accounting and fraud investigation. Originally pursuing a criminology degree with dreams of becoming a prison warden, Tracy’s passion for financial crime investigations led her to add accounting and economics courses to her studies. She is now an expert in uncovering financial fraud, especially in cases of corporate fraud and high-net-worth divorce. As a Fraud Coach, she helps individuals identify and address hidden financial issues in their divorce cases.
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ABOUT YOUR HOST:
Beverly Price is an empowering Divorce Coach with over 30 years of experience helping women navigate divorce. She provides personalized coaching that eliminates pain, sadness, and anger, replacing them with knowledge, skills, and peace. Beverly empowers women to move through their divorce with clarity, understanding, and strength, equipping them with the tools they need to make informed decisions for themselves and their families.
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