Imagine having years of bank statements, tax returns, credit card data and statements from brokerages, payroll reports, as well as business financial records during a divorce.
Now you have the data.
There may be a limited number of practical solutions.
Matrimonial disputes aren’t always easy because financial records aren’t always available. The problem lies in determining which documents provide the answers to the most important questions, and when they’re not there.
Start With the Question, Not the Spreadsheet
The financial discovery process for a divorce forensic accountant in New Jersey will differ from that of someone simply organizing papers.
Imagine that the dispute is involving the income that is available to help. A tax return is useful but the owner of a company or a professional who is highly compensated can receive cash in a variety of ways. Distributions, bonuses, salary and other types of compensation can require additional analysis based on the specific circumstances.
If there is a question about assets that could not be reported, different records may be relevant. Banking activity, transfers, spending patterns, and transfers between accounts can aid in establishing a more complete financial picture.
It’s not about accumulating every piece of paper you can think of. It’s to obtain the records required to answer specific financial questions.
Discovering the Ownership of a business is a A brand new procedure
Privately-owned companies can be a valuable option to add to the matrimonial searching process.
To conduct an appraisal of your business in New Jersey, you will require the proper financial information. An expert may be required to provide historic financial data, tax information as well as ownership records, and other documents pertinent to the type of engagement.
Troubles can result from insufficient information.
In other words, looking at revenues without considering expenses only tells a small portion of the company’s financial story. In the same way, looking at a single year’s performance may not tell what is typical or unique.
SJS Forensics helps counsel by identifying relevant documents, preparing specific discovery requests, as well as analyzing the material produced to ensure their accuracy.
Even if the difference in financials is small is not a sign that something went unnoticed.
A divorce is a difficult process, and any transaction that isn’t understood could raise suspicions.
It is not always obvious where a transfer has been taken place. The sudden and large amount of withdrawals could have a rational explanation. A seemingly regular sequence of transactions could merit more careful examination when viewed in conjunction.
A forensic analysis that is objective is crucial because accounting should not start from the assumption of misconduct.
The documentation should be the basis for analysis.
Better Information Makes Mediation More Productive
Financial experts frequently appear in courtrooms, but the analysis that is useful can begin earlier. Understanding issues like business value, income or separate property prior to mediation can help to clarify the dispute in question.
SJS Forensics can help resolve complex financial questions through combining forensic accounting skills and a settlement-oriented method.
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
Many years of financial transactions can be accumulated in the course of a complex divorce. Just putting them in folders doesn’t create financial clarity. The documents must be analyzed to see what they establish as well as what remains unanswered and if further details are required.
This is the real value of the forensic financial analysis. Our goal isn’t to make divorces more difficult by producing a huge pile of papers. It’s best to gradually reduce the amount of questions that remain unanswered when dealing with a financial issue that is complex.