Imagine receiving all your financial documents during the divorce process, including years’ worth of bank statements. This includes taxes, credit cards, brokerage reports, payroll statements, as well as other business financial documents.
You now have the details.
You might still be unable to locate the answers you need.
Financial records may not always be available but this does not make matrimonial disputes more difficult. The issue lies in determining what documents answer the most critical questions and when they’re missing.
Begin with the question, and not the Spreadsheet
A forensic accountant for white collar defense may approach financial discovery differently from someone simply organizing documents.
Suppose the disagreement involves the income available to assistance. Tax returns are helpful, however the owner of a company or a professional who is highly compensated could receive money in multiple ways. Compensation, bonuses, salaries and other types of compensation can require additional analysis based on the specific circumstances.
In the event of unidentified assets, other information may be required. The pattern of transfer activity in banks or spending patterns as well as movement between accounts are factors that could help you create a fuller financial picture.
It’s not about accumulating every scrap of paper you can imagine. It’s to obtain the records that are required to address specific financial questions.
The Discovery Process is altered by the ownership of a company
Privately-owned companies can be a valuable supplement to the matrimonial search process.
To conduct a business valuation in New Jersey, you will require financial information. Based on the type of engagement the expert might require previous financial statements, tax records along with ownership records and other records that aid in understanding the business and developing an appraisal opinion.
Incomplete information can cause problems.
In other words, looking at the revenue and not understanding expenses is only a part of the company’s financial story. Also, analyzing a single period of time may not be able to tell what is typical or exceptional.
SJS Forensics assists counsel by finding relevant documents, assisting create specific discovery requests and examining documents for the accuracy and completeness of the documents.
A Financial Difference Doesn’t Mean That Something was Hidden
Divorce is a difficult and emotional process, and any unreliable transaction could quickly raise suspicion.
Transfers between accounts might appear suspicious until the appropriate documents reveal the destination. The sudden and large amount of withdrawals could be explained by a common cause. An apparently routine sequence of transactions may be worth a closer look when examined in the context of.
A forensic analysis that is objective is crucial because accounting shouldn’t begin with the assumption that there was a violation.
The analysis should start with the documents.
Mediation can be more effective by providing more information
Financial experts are typically involved in courtroom testimony however, they can be useful much earlier. The ability to clarify issues such as income, business value or separate property prior to mediation can help define the dispute in question.
SJS Forensics combines forensic accounting expertise with a settlement-oriented mindset and can participate in mediation to address complex financial concerns.
Expert witness accountants who handle matrimonial dispute must be able to present their reasoning clearly to attorneys and non-accountants.
The objective is to minimize the uncertainty
A complicated divorce can contain hundreds of financial transactions that have been accumulated over many years. Simply putting those records into folders doesn’t create financial clarity. It’s up to the person to determine what records are required, what questions remain unanswered and the additional information that is required.
This is the benefit of the forensic approach. It is not our goal to complicate divorces through the creation of a large pile of papers. The objective is to minimize the number of financial queries that remain unanswered in a complicated situation.