Imagine receiving years of bank statements, tax returns, credit card information, brokerage statements, payroll reports, and business financial records during a divorce.
You now have the information.
You may not be able to locate the answers you need.
It’s not always hard to resolve matrimonial disputes because of the absence of financial records. Sometimes the issue is deciphering what documents will answer the questions which are relevant and knowing when crucial pieces are still missing.
Start With the Question Do not start with the Spreadsheet
A forensic accountant for white collar defense may approach financial discovery differently from someone simply organizing documents.
Let’s assume that the disagreement is over income that can be used to support. A tax return is useful but the owner of a company or a highly compensated professional may receive compensation in various ways. The process of calculating bonuses and salaries aren’t easy to evaluate according to your particular circumstances.
If you have assets that may be hidden, it is important to keep track of them. The activity of banks, transfers, and spending patterns can be used to develop an accurate financial picture.
It’s not about collecting every piece of paper you could imagine. The objective is to collect all the documents required to answer specific financial questions.
Business Ownership Modifies the Discovery Process
Privately held companies can be a beneficial addition to the matrimonial search process.
The process of valuing a business for divorce in New Jersey requires appropriate financial details regarding the company. Based on the type of engagement the appraiser may require historical financial statements, tax information along with ownership records and other records that aid in knowing the company’s financial situation and formulating an assessment.
Troubles can result from insufficient information.
If you just look at the revenue of your company without taking into consideration expenses, then this is only one part of its financial picture. A single period of time may not be able to tell the extent to which performance is normal or exceptional.
SJS Forensics assists counsel by providing relevant documents, aiding make specific requests for discovery, and evaluating documents produced to ensure the accuracy and completeness of the documents.
It’s not always the case that every financial difference means That Something was Hidden
Divorce is emotional, and a divorce that isn’t well-known could quickly generate suspicion.
Transfers between accounts might seem suspicious until reports reveal its purpose. The sudden and large amount of withdrawals could be explained by a common cause. In contrast, a seemingly mundane series of transactions could be worth closer inspection when taken in combination.
It is crucial to begin by conducting an honest analysis since forensic accounting should not be based on the assumption that there was a violation.
Records should be the starting stage for analysis.
Mediation can be more effective with more accurate information
Financial experts are often involved in courtroom testimony but the most effective analysis can be initiated much earlier. Making clear the issues at issue before mediation is helpful when parties do not agree on the business value or income distinct property, or other unusual financial activities.
SJS Forensics combines forensic accounting expertise with a settlement-minded approach and can participate in mediation to address complex financial queries.
Expert witness accountants in matrimonial disputes should be able to communicate their findings clearly to attorneys and non-accountants.
The goal is to decrease the amount of uncertainty
A complicated divorce may contain many financial transactions that were accumulated over time. Financial clarity is not achieved by simply putting records in folders. Documents must be scrutinized to determine what they reveal, what is still unanswered and if further information is required.
This is the benefit of forensic analysis. The aim isn’t making divorce more complicated, through the creation of a huge stack of paperwork. The goal is to lessen the number of financial questions that remain unanswered in a complex divorce.