Imagine getting years of bank statements and tax returns, credit card records and statements from brokerages, payroll reports, and other financial records during a divorce.
You have now the information.
It’s possible you’re unable to get answers.
Financial records may not be always available, however this doesn’t make matrimonial matters more complicated. The difficulty lies in determining the documents that answer the most critical questions and when they are missing.
Begin with the question, not the spreadsheet.
Financial discovery may be approached differently by a forensic accountant in New Jersey than someone who simply needs to organize documents.
In the event of a dispute, there is money available for assistance. A tax return can be helpful however the owner of a company or a professional with a high level of compensation can receive cash in a variety of ways. Distributions, bonuses, salary and various other forms of compensation may require further examination, based on circumstances.
If the question involves potentially hidden assets, various documents could be relevant. The activity of banks, transfers, and spending patterns can be used to develop a complete picture of financial activity.
It’s not about collecting every scrap of paper you could imagine. It’s important to collect the information necessary to answer any financial queries.
The Discovery Process is altered by the ownership of a company
Privately owned businesses can be a beneficial option to add to the matrimonial searching process.
Performing business valuation for divorce in New Jersey requires appropriate financial information about the company. A valuation expert might require historical financial statements and tax records, ownership information as well as other documents, depending on the agreement.
Incomplete information could cause issues.
If you look only at the profits of your business without considering expenses, then it’s just one aspect of the overall financial picture. A single year of performance could be misleading.
SJS Forensics provides assistance to counsel by identifying documents pertinent aiding in the creation of specific discovery requests and examining documents for accuracy and completeness.
The difference in financials is not always a sign that There was something else going on.
Unknown transactions may raise suspicions during divorce proceedings as they’re emotional.
The reason for an unidentified transfer won’t be known until the documents are reviewed. Inexpensive withdrawals can be explained by a common cause. However, a seemingly simple set of transactions could be worth closer inspection when viewed as a whole.
Objective analysis matters because forensic accounting should not start from the assumption that misconduct occurred.
The analysis should start with the records.
Better Information Can Make Mediation more efficient
Financial experts typically appear in courtrooms, but their analysis can start much earlier. Clarifying the issues in dispute before mediation can help when parties do not agree on the business value or income and separate property or other financial activity.
SJS Forensics combines forensic accounting expertise with a settlement-oriented approach and is able to participate in mediation to address complex financial queries.
When testimony is necessary for matrimonial litigation, a certified witness accountant in matrimonial disputes must be able to take the analysis that underlies it and explain the details to attorneys, mediators, judges, and other non-accountants.
The goal is to decrease the unknowns
Even a divorce could contain thousands of financial transactions built up over a prolonged time. Financial clarity isn’t achieved just by putting documents in folders. The documents must be analyzed to discover what they show, what is still unanswered and if further information is needed.
It’s a benefit that can be realized from financial analysis that is forensic. We don’t want to complicate divorces through the creation of a large pile of papers. It’s about tackling a complex financial situation and slowly reduce the number of unanswered questions.