Imagine getting years of bank statements as well as tax returns, credit card data, brokerage statements, payroll reports, and other financial documents in the event of divorce.
You have now the information.
It’s possible you’re unable to locate a solution.
Financial records might not always be available, but this shouldn’t make matrimonial issues more complex. Sometimes, the difficulty is in determining what documents will answer the questions which are relevant and knowing when crucial pieces are missing.
Start with the question Don’t start with the Spreadsheet
The process of financial discovery could be handled differently by a forensic accountant in New Jersey than someone who is just organizing documents.
Imagine a situation where the dispute is about money that can be used to help. A tax return review can be useful, but a business owner or highly compensated professional could get money via a variety of ways. Salaries, bonuses, distributions and other types of compensation might require more investigation based on the particular circumstances.
If you have assets which may be hidden, it is crucial to track them. The activity of banks, transfers, and spending patterns may be utilized to build a complete picture of financial activity.
It’s not about collecting every scrap of paper you could imagine. It’s to obtain the records required to answer specific financial questions.
The Discovery Process is altered by the ownership of a business
The matrimonial research process can be improved through an independent company.
Performing business valuation for divorce in New Jersey requires appropriate financial information about the company. A professional may require historical financial information, tax data along with ownership records and other relevant documentation depending on the type of engagement.
Incomplete information can cause problems.
For example, if you focus solely on revenue and ignore expenses, it is not possible to know the complete story of the financial performance of a firm. A single year’s results may not reflect a company’s typical or exceptional performance.
SJS Forensics assists counsel by identifying relevant documents, helping formulate targeted discovery requests, and reviewing materials produced for fullness and accuracy.
A few financial differences don’t necessarily mean that there is something else going on.
Divorce can be emotional and an unfamiliar transaction can quickly cause suspicion.
Transfers between accounts can look concerning until the corresponding accounts reveal its origin. Inexpensive withdrawals can have a normal explanation. Conversely, a seemingly routine series of transactions may deserve greater scrutiny when examined together.
A forensic analysis that is objective is crucial because accounting should not begin with the assumption that misconduct took place.
The analysis should start with the records.
Mediation can be more productive by providing more information
Financial experts are usually used in court, but useful analysis can be conducted much earlier. Understanding issues like income, business value or separate property before mediation helps define the dispute in question.
SJS Forensics can help resolve complicated financial problems by combining forensic accounting knowledge with a settlement-oriented approach.
Expert witness accountants of matrimonial dispute must be able to provide their explanation clearly lawyers and other non-accountants.
The objective is to minimize the unknowns
A complex divorce could contain hundreds of financial transactions that have been accumulated over a long period of time. Financial clarity is not achieved by simply putting records in folders. There is still a need to decide what the documents establish and what questions remain unanswered and what additional details may be required.
It’s a benefit that can be realized from the forensic analysis of financials. It is not our goal to make divorce more difficult by generating a massive pile of paperwork. The goal is to reduce the amount of financial questions that remain unanswered in a complicated situation.