Imagine having years of bank statements and tax return, credit card details as well as brokerage statements, pay reports, and other financial documents in the event of divorce.
You now have information on technical aspects.
Practically speaking, you might have a few questions.
Financial records may not always be available but this shouldn’t make matrimonial problems more complicated. It’s sometimes difficult to identify the relevant documents and to determine if there are significant missing elements.
Start with the question, not the Spreadsheet
A forensic accountant for white collar defense may approach financial discovery differently from someone simply organizing documents.
When the issue is about the income available to support. A tax return review is a good idea, however the business owner or highly compensated professional may get money via a variety of ways. Salaries, bonuses, distributions as well as other forms of compensation may require further analysis, depending on the situation.
If the question involves potentially unidentified assets, other records could become relevant. Bank activity, transfers and spending patterns may be analyzed to provide an accurate financial picture.
The goal isn’t to gather every single document you could think of. The goal is to collect the required documents needed to answer financial queries.
Discovering the Ownership of a Business is New Process
A privately-owned company could be a significant addition to matrimonial love.
To conduct a business valuation in New Jersey, you will require the proper financial information. A valuation expert might need previous financial statements along with tax records, ownership information and other documentation based on the engagement.
Troubles can result from insufficient information.
For example, looking at revenue without understanding expenses is only a part of the company’s financial story. In the same way, looking at a single year’s performance may not tell whether performance is typical or exceptional.
SJS Forensics assists counsel by providing relevant documents, aiding formulate targeted discovery requests, as well as reviewing documents to ensure the accuracy and completeness of the documents.
Financial differences don’t necessarily mean there is something else going on.
The divorce process is emotionally charged, and an unfamiliar transaction can quickly create suspicion.
The purpose of a transfer may not be discovered until the records are consulted. A huge withdrawal could be due to an unrelated reason. A seemingly regular sequence of transactions may warrant an examination closer when taken together.
It is essential to conduct an objective analysis because forensic accounting shouldn’t start with the assumption that there was a violation.
The analysis should start with the records.
Mediation is more efficient when you have more relevant information
Financial experts are usually involved in courtroom testimony but a more thorough analysis could start much earlier. Determining issues like the value of business, income or separate property before mediation helps to define the dispute in question.
SJS Forensics combines forensic accounting expertise with a settlement-oriented approach and can be a mediator to assist in resolving complex financial issues.
A certified expert witness accountant in matrimonial disputes should be able, when it is necessary, to explain their analysis to mediators, lawyers and judges as well other non-accountants.
The goal is to reduce the uncertainty
Transactions in the financial sector from many years are often accumulated during a lengthy divorce. Just putting them in folders won’t provide financial clarity. There is still a need to decide what the documents establish, what remains unanswered, and which additional information may be needed.
This is the value that can be realized from the forensic analysis of finances. It is not our goal to make divorces more difficult through the creation of a large pile of paperwork. It’s best to gradually reduce the number of unanswered questions when dealing with a financial issue that is complex.
