Imagine accumulating years of financial records, such as bank statements, tax records, credit card statements, Payroll reports and brokerage statements.
You have now the information.
There may be a limited number of practical answers.
Matrimonial disputes aren’t always difficult because financial records aren’t available. The issue lies in determining which documents provide the answers to the most important concerns and also in determining if they’re not available.
Start With the Question Then, not the Spreadsheet
A forensic accountant for white collar defense may approach financial discovery differently from someone simply organizing documents.
In the event of a dispute, there is money available for assistance. It’s helpful to look over the tax return, however business owners or professionals who are compensated well may get their cash in a variety of ways. Compensation, bonuses, salaries and other forms of compensation can require additional analysis based on the specific circumstances.
If there are any assets that could be hidden, it is crucial to track these assets. Banking activity, transfers and spending patterns may be utilized to build a complete picture of financial activity.
The goal isn’t to gather every document imaginable. The objective is to collect the necessary documents to answer financial queries.
Business Ownership Impacts the Discovery Process
The matrimonial process could be improved by a private company.
To perform an assessment of a business’s worth in New Jersey, you will need the appropriate financial information. An expert in valuation may need previous financial statements, tax records, ownership details and other documentation based on the agreement.
Incomplete information could cause problems.
If you only look at the company’s revenue without taking into consideration expenses, then this is just a part of the financial picture. One year’s performance might not be a good indicator of an organization’s normal or exceptional performance.
SJS Forensics provides assistance to counsel by identifying documents relevant to the preparation of specific discovery requests, and scrutinizing the documents to ensure precision and completeness.
The existence of financial variances does not necessarily mean that there is something in the shadows.
A divorce is an emotional procedure, and a transaction that’s not familiar can create suspicions.
A transfer between accounts may appear suspicious until the appropriate reports reveal its purpose. Unexpectedly large withdrawals may be explained by a common cause. A routine set of transactions might be interesting when considered in context.
The objective analysis is important because forensic accounting should not start from the assumption that misconduct took place.
The analysis should begin with the records.
Mediation is more efficient with better information
Financial experts are often seen in courtrooms, however the analysis that is useful can be done much earlier. Determining issues like income, business value or separate property prior to mediation can help to clarify the actual dispute.
SJS Forensics combines forensic accounting expertise with a settlement-minded approach and participates in mediation to help address complicated financial concerns.
When it is necessary to testify an expert witness accountant in matrimonial litigation must be able take the fundamental analysis and communicate the details to attorneys, mediators, judges, as well as other non-accountants.
The goal is to decrease the amount of uncertainty
A complex divorce could contain thousands of financial transactions over many years. Simply putting those records into folders does not provide clarity on financial matters. It’s still up to someone to decide which records are required, what questions remain unanswered, and the additional information that is required.
This is the value of an analysis of forensics. It’s not intended to make divorce complicated by adding documents. The goal is to reduce the amount of unanswered financial questions in a complex situation.