Imagine receiving years of bank statements as well as tax returns, credit card information and statements from brokerages, payroll reports, as well as business financial records during a divorce.
Now you have the technical details.
You may not be able to find many answers.
Financial records may not always be available, but this does not make matrimonial matters more complicated. The issue lies in determining the documents that answer the most critical questions and when they are not there.
Start with the query and not the spreadsheet
A forensic accountant for white collar defense may approach financial discovery differently from someone simply organizing documents.
Imagine that the dispute involves money that can be used for support. It is helpful to review the tax return, however business owners or professionals who are well compensated can receive their compensation in different ways. Salaries, bonuses, distributions and other forms of compensation might require more analysis based on the specific circumstances.
If there’s an issue about assets that could not be reported, different records could be relevant. Bank activity, transfers spending patterns, and transfers between accounts may help to create an accurate financial picture.
The objective isn’t to gather all the documents. It is important to gather all the data needed to answer any financial queries.
The Discovery Process is altered by the ownership of a business
The matrimonial research process may be enhanced by a private firm.
Performing business valuation for divorce in New Jersey requires appropriate financial information regarding the business. A professional may be required to provide historic financial information, tax data, ownership records and other pertinent documentation based on the relationship.
Incomplete information can cause problems.
If you just look at the company’s revenue and do not take into account expenses, it’s just one aspect of the financial picture. Looking at a single performance year could be misleading.
SJS Forensics provides assistance to counsel by identifying documents that are relevant aiding in the creation of specific discovery requests, and scrutinizing documents produced for the accuracy and completeness.
Even if the difference in financials is small however, that does not mean that something was hidden.
Divorce can be emotional and an unfamiliar transaction can quickly raise suspicion.
The destination of an unidentified transfer won’t be discovered until the records are reviewed. A large amount of money could have a common explanation. Conversely, a seemingly routine sequence of transactions could merit an examination closer when taken together.
It is vital to conduct an objective analysis as forensic accounting cannot start by concluding that there has been a breach of the law.
Records should be the first place for analysis.
Mediation is more efficient by providing more information
Financial experts are usually used in court, but useful analysis can be conducted much earlier. Clarifying the issues in dispute before mediation is helpful when the parties are not in agreement over the value of business or income, separate property or unusual financial practices.
SJS Forensics is a forensic accounting firm that combines the expertise of forensic accounting with an approach to settlement. They also can participate in mediation for complex financial problems.
A certified expert witness accountant in matrimonial court should be able, when required, to explain the analysis to lawyers, mediators and judges, as well other non-accountants.
The goal is to reduce the Risk of Uncertainty
Even a simple divorce can be accompanied by thousands of financial transactions that have been accumulation over a lengthy period of time. However, this doesn’t mean you can get financial clarity simply by recording the documents. Documents must be scrutinized to discover what they show and what questions remain unanswered and if further information is required.
It’s a practical benefit of an analysis of the financial market that is forensic. It’s not a goal to complicate divorce proceedings by putting more paperwork. The aim is to decrease the amount of financial queries that remain unanswered in a complicated situation.