Imagine getting years of bank statements and tax returns, credit card information and statements from brokerages, payroll reports, and business financial documents in the event of divorce.
Technically, you have now information.
Practically, you may still have some questions.
Financial records may not be always available, but this shouldn’t make matrimonial disputes more difficult. Sometimes, the problem is determining which documents answer the questions which are relevant and noting when the necessary pieces are still missing.
Begin with the query rather than the spreadsheet
A forensic accountant for white collar defense may approach financial discovery differently from someone simply organizing documents.
Imagine that the dispute has funds that are available to provide support. It’s beneficial to examine a tax report, but professionals or business owners who are compensated well may be able to receive their earnings in various ways. Salaries, bonuses, distributions, and other forms of compensation may require further investigation based on the particular circumstances.
In the event of unidentified assets, other records may become relevant. Banking activity, transfer patterns or spending patterns as well as movement between accounts are all elements which can assist you in establishing greater financial understanding.
It’s not about accumulating every scrap of paper that you can imagine. It’s essential to collect the information necessary to answer questions about finances.
Business Ownership Changes the Discovery Process
A privately held company can be a significant addition to matrimonial discovery.
In order to get a New Jersey divorce business valuation companies must be able to provide all pertinent financial data. An expert in valuation may need the historical financial statements as well as tax records, ownership information as well as other documents, depending on the agreement.
Troubles can result from insufficient information.
For example, if you focus solely on the revenue, and do not consider expenses, it is not possible to tell the full story of the financial performance of a firm. One year’s performance might not be indicative of a company’s typical or exceptional performance.
SJS Forensics assists counsel by the identification of relevant documents, assisting make specific requests for discovery, as well as reviewing documents to ensure completeness and accuracy.
Some financial differences do not necessarily mean that there’s something else going on.
A divorce is an emotional procedure, and a transaction that is unfamiliar can raise suspicions.
The destination of a transfer may not be known until the documents are examined. A huge withdrawal could be due to some common cause. A seemingly ordinary set of transactions might be worth closer inspection when viewed in conjunction.
The objective assessment is important since forensic accounting can’t start by assuming that there has some kind of misconduct.
The analysis should begin with the documents.
Mediation Can Be More Effective with better Information
Financial experts are typically involved in courtroom testimony however they could help much earlier. Clarifying issues such as income, business value or separate property prior to mediation helps to define the real dispute.
SJS Forensics can help resolve difficult financial issues through combining forensic accounting skills with a settlement-oriented approach.
Expert witness accountants in matrimonial dispute must be able to communicate their findings clearly to lawyers and other non-accountants.
The goal is to decrease the unknowns
The financial transactions of many years are often accumulated during the course of a complex divorce. The simple act of putting these records in folders won’t provide financial clarity. It’s the responsibility of someone to determine what records are needed, what questions remain unanswered, and the additional information that is required.
This is the value of the forensic approach. The objective isn’t to make divorce more difficult by producing another enormous stack of papers. You want to slowly reduce the number of unanswered questions you have for a financial matter which is extremely complex.