Imagine receiving years of bank statement and tax returns, credit card data as well as brokerage statements, pay reports, and other financial documents when you divorce.
Now you have the data.
You may not be able to get answers.
Matrimonial disputes aren’t always difficult because financial records are unavailable. Sometimes, the difficulty is in determining which documents answer the queries that matter, and also knowing when crucial pieces remain unaccounted for.
Start with the question rather than the spreadsheet.
Financial discovery may be approached differently by a forensic accountant in New Jersey than someone who is simply organizing documents.
If the dispute involves money available for support. A tax return can be helpful however, the owner of a company or an expert who receives a substantial amount of compensation could receive money in multiple ways. Salary, bonus, distributions and other forms of compensation could require additional investigation, based on the circumstances.
If the issue involves undisclosed assets, different records may become relevant. Bank activity, transfer patterns of spending patterns, and the movements between accounts are factors that will help you build greater financial understanding.
The point isn’t to collect every document that you can imagine. The goal is to collect all the documents required for answering certain financial inquiries.
The Discovery Process is altered by the ownership of a company
A privately held company can be a significant addition to matrimonial discovery.
For an appraisal of your business in New Jersey, you will need financial data. Depending on the engagement the appraiser may require the historical financial statements, tax records, ownership records, and other documents relevant to knowing the company’s financial situation and formulating an opinion on the value.
Troubles can result from insufficient information.
If you only look at the revenue of your company without taking into consideration expenses, then this is just a part of the overall financial picture. Also, analyzing a single year may not reveal the extent to which performance is normal or extraordinary.
SJS Forensics assists counsel by finding relevant documents, assisting make specific requests for discovery, as well as reviewing documents to ensure the accuracy and completeness of the documents.
The difference in financials is not always a sign that Something Was Hidden
Divorce is emotional, and an unfamiliar transaction can quickly create suspicion.
Transfers between accounts can seem suspicious until documents reveal the destination. The large amount of money withdrawn could be an usual reason. An apparently routine sequence of transactions could be worth a closer look when examined in the context of.
It is vital to conduct an objective analysis since forensic accounting can’t start by assuming that there has some kind of misconduct.
Records should be the first stage for analysis.
Mediation can be more productive when you have more relevant information
Financial experts often appear in courtrooms, however the type of analysis that is beneficial could begin much earlier. If there is a disagreement between parties about the value of their business, their income, separate property, or any other financial activity that is unusual, clarifying those issues before mediation can help define what is actually contested.
SJS Forensics is a forensic accounting company that blends the expertise of forensic accounting with a settlement-minded attitude. They can also participate in mediation of complex financial matters.
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 Reduce the Risk of Uncertainty
A complex divorce could contain thousands of financial transactions accumulated over a long period of time. But that doesn’t mean you’ll be able to get financial clarity by simply filing the records. It is still up to the individual to figure out what the documents establish in the first place, what’s not yet answered, and which additional information may be required.
This is why it’s important to conduct the forensic approach. Our goal isn’t to make divorce more difficult through the creation of a large pile of paperwork. It’s to take a complicated financial position and slowly decrease the number of questions unanswered.