Imagine getting years of bank statements and tax returns, credit card records as well as brokerage statements, pay reports, and business financial documents in the event of divorce.
You now have the information.
You may not be able to locate the answers you need.
Financial records might not be always available, however this doesn’t make matrimonial issues more complex. The difficulty lies in determining the documents that answer the most important concerns and also in determining if they’re not available.
Begin with the question, and not the Spreadsheet
Financial discovery might be handled differently by a forensic accountant New Jersey than someone who simply organizes documents.
Let’s say that the dispute concerns income that could be used to pay for. A tax return can be helpful but an owner of a business or a professional with a high level of compensation can receive cash in a variety of ways. Bonuses and salary aren’t easy to evaluate according to your particular circumstances.
If the issue involves hidden assets, various information may be required. The activity of banks, transfers, and spending patterns can be utilized to build an accurate financial picture.
The goal is not to collect all documents. The goal is to collect the documents necessary to answer certain financial questions.
The Discovery Process is altered by the ownership of a company
Privately held companies can give a new dimension to matrimony discovery.
To be eligible for New Jersey divorce business valuation it is necessary for the company to have all pertinent financial data. An expert may be required to provide historical financial data, tax information along with ownership records and other documents pertinent to the relationship.
Uncompleted information can cause problems.
If you just look at the company’s revenue without considering expenses, then it’s just one aspect of its financial picture. Looking at a single performance year can be deceiving.
SJS Forensics helps counsel by making sense of relevant documents, preparing targeted discovery requests as well as reviewing the materials produced to ensure their accuracy.
A Financial Difference Doesn’t Mean Something Was Hidden
Divorce is emotional, and a divorce that isn’t well-known could quickly generate suspicion.
A transfer between accounts may look concerning until the corresponding accounts reveal its origin. A large amount of money could be explained as normal. Conversely, a seemingly routine series of transactions may deserve greater scrutiny when examined together.
Objective analysis matters because forensic accounting should not begin with the assumption that misconduct took place.
The analysis should start with the records.
Mediation can be more productive with better information
Financial experts are typically used in courtroom testimony, but they can be beneficial much earlier. Clarifying the issues in dispute before mediation is helpful when the parties are not in agreement over the value of business or income distinct property, or other unusual financial practices.
SJS Forensics is a forensic accounting firm that combines the expertise of forensic accounting with an attitude of settlement. They also take part in mediations for financial disputes.
When testimony is necessary, an expert witness accountant for matrimonial litigation must be able to take the underlying analysis and explain it clearly to attorneys, mediators, judges, and other non-accountants.
The goal is to decrease the unknowns
A complicated divorce can contain many financial transactions that were accumulated over a long period of time. Simply putting the records in folders won’t provide financial clarity. It is still up to the individual to figure out what these documents indicate in the first place, what’s not yet answered, and what additional information might be required.
It’s a benefit that can be realized from forensic financial analyses. Our goal isn’t to complicate divorces by creating a huge amount of papers. The goal is to understand a complex financial situation and slowly reduce the number of questions unanswered.