Forensic Accounting in New Jersey Divorce Cases
What exactly is the role of forensic accountants, and how they can support your New Jersey divorce?
Divorce in New Jersey, as anywhere, is a complex ordeal. The divorce becomes even more complicated when the couple that is separating has a large share of assets to distribute. In many such cases during a divorce discovery process, a forensic accountant is hired to investigate and otherwise analyze financial information pertinent to the asset division.
What is a Forensic Accountant in NJ?
In a high-asset divorce, a forensic accountant analyzes financial information from both spouses to determine each spouse’s contribution to the marriage in financial terms and, therefore, how assets would best be equitably divided, as well as how support and child support payments can be handled. Generally speaking, a forensic accountant is only brought in high-profile or high-asset divorce proceedings. They also are generally introduced to the proceedings in the case that the spouses cannot come to a settlement on their own, meaning high conflict divorces in which litigation is required.
What Does a Forensic Accountant Do?
A forensic accountant is a skilled professional that reviews diverse financial records to determine a spouse’s asset valuation. They can also analyze hidden or subtle financial inconsistencies in a spouse’s portfolio. They investigate and analyze bank statements, tax returns, stock portfolios, and other pertinent financial documents that will determine their worth and support the determination of spousal support and child support payments in addition to the distribution of marital assets. They also investigate for inconsistencies in financial records that would indicate that a spouse is withholding information or hiding marital assets, something that happens often in complex divorces with multiple marital assets such as multiple properties, businesses, and investments.
When Do You Need a Forensic Accountant in Your Divorce Case?
A forensic accountant is used during the discovery process in which information is gathered for proper valuation of marital assets, particularly those in a couple with a great deal of combined marital assets, such as is the case when both spouses are professionals, or when one owns a business or is otherwise self-employed.
Another example of a situation in which a forensic accountant can be invaluable is during the discovery process in preparation for the interrogatory. An interrogatory is a list of questions that one spouse’s legal team sends to the other. These questions can extend beyond financial information into more personal inquiries pertinent to the discovery of assets. A forensic accountant can help determine which questions will uncover all potentially occult financial information leading to a more equitable distribution of marital assets, as well as help determine a spouse’s legal responsibility to provide alimony or child support. The spouse must answer all questions in an interrogatory to the best of their ability. The forensic accountant can then support the process of analyzing responses.
How Can Your Attorney Support You When a Forensic Accountant is Required?
The specialty of a forensic accountant is to analyze incomes, properties, joint savings and investments, and other assets to make asset valuations that support the divorce settlement process and prevent illegal asset withholding. In high-value divorces and other complex cases that often involve litigation, a forensic accountant is invaluable to a successful and fair divorce settlement in New Jersey.
When a financial accountant is brought in during the discovery process for asset valuation and investigative work, an experienced family law attorney in your corner will make sure you get the bang for your buck. From a legal standpoint, your divorce attorney can exhaust all legal routes to determining the value of marital assets, ensuring that no assets that you legally have a right to a portion of are hidden or siphoned off.
Because of a forensic accountant’s skill set not only in divorce litigation and asset valuation but also in business fraud, your attorney will know how to advantage the expertise and investigative precision of a quality forensic accountant to ensure that no shared asset goes undocumented. During the discovery process, a skilled family law attorney will exhaust all court-mandated and legally viable options to make sure that no stone is left unturned, and you receive your fair share in the divorce.
Book a consultation with Attorney Edward Cooper at our Union County office to address all of your questions during the divorce process.
If you are in a complex or high-dollar divorce, you need an expert family law attorney in your corner. We support clients across Union County in places like Roselle Park, Elizabeth, Summit, Westfield, Scotch Plains, Union Township, Cranford, and Rahway to ensure that their divorce settlement includes a premium quality investigation of assets to ensure an equitable distribution.
At Edward. S Cooper, ESQ we know that you’ve worked hard and deserve to maintain your fair share.
Contact us at (908) 481-4625 to schedule an initial conversation with Mr. Cooper. He will sit down with you, and listen to all of your questions in order to ensure that you understand all of your options and the ways that you can benefit yourself in the divorce process.