Imagine receiving years of bank statement including tax returns, credit card information or statements from brokerages, wage reports, and other financial documents when you divorce.
You have now the information.
It is possible that you are unable to locate a solution.
It’s not always difficult because financial records aren’t always available. Sometimes the issue is deciphering which documents answer the questions that actually matter and knowing when crucial pieces aren’t yet available.
Start with the question and not the Spreadsheet
The process of financial discovery of a divorce forensic accountant in New Jersey will differ from the process of a person who simply organizes papers.
Imagine that the dispute has money that can be used for support. A tax return is useful however, the owner of a business or a professional who is highly compensated can receive cash in a variety of ways. The process of calculating bonuses and salaries can be difficult to determine depending on your circumstances.
If the subject is unidentified assets, other records could become relevant. Bank activity, transfers and spending patterns may be utilized to create a complete picture of financial activity.
It’s not about accumulating every scrap of paper that you can imagine. The aim is to gather the necessary documents for answering certain financial inquiries.
Business Ownership Changes the Discovery Process
A privately owned company could give a new dimension to matrimonial relationships.
Performing business valuation for divorce in New Jersey requires appropriate financial information about the company. Based on the type of engagement the expert might require historical financial statements, tax information or ownership records, as well as other documents that are relevant to studying the business and creating an appraisal opinion.
Uncompleted information can cause problems.
If you just look at the profits of your business without taking into consideration expenses, then it is only a small part of its financial picture. In the same way, looking at a single period of time may not be able to tell what is typical or unusual.
SJS Forensics provides assistance to counsel by identifying documents relevant, assisting with the formulation of specific discovery requests, and scrutinizing documents produced for the accuracy and completeness.
The existence of financial variances does not necessarily mean that there’s something else going on.
A divorce is an emotional process, and a transaction that isn’t understood could raise suspicions.
It’s not always easy to determine which transfer was completed. A large amount of money could have a common explanation. A seemingly regular series of transactions may deserve closer examination once viewed together.
A forensic analysis that is objective is crucial because accounting shouldn’t begin with the assumption that there was a violation.
Records should be the starting place for analysis.
Mediation is more efficient by providing more information
Financial experts typically are involved in courtroom testimony, but they can help much earlier. Determining issues like income, business value or separate property before mediation helps to define the actual conflict.
SJS Forensics is a forensic accounting firm that combines experience in forensic accounting and an approach to settlement. They also can participate in mediation for complex financial disputes.
When testimony is necessary for matrimonial litigation, a certified witness accountant for matrimonial litigation must be able to take the basic analysis and explain it clearly to attorneys, mediators, judges and other non-accountants.
The goal is to reduce the uncertainty
Many years of financial transactions are often accumulated during an intricate divorce. However, this doesn’t mean you’ll be able to get financial clarity just by making the necessary records. It’s the responsibility of someone to determine what records are required, what questions remain unanswered, and what additional information is necessary.
It’s a real benefit of forensic financial analyses. It’s not the goal to complicate a divorce by putting more documents. The aim is to decrease the amount of unanswered financial questions in a complex situation.
