Divorces are typically messy, both emotionally and financially. Because the process is complicated, couples contemplating the end of their marriage or civil union hire divorce attorneys to help them with the process. In turn, divorce attorneys often seek the aid of forensic accountants to provide assistance in some of the more complicated financial aspects of the divorce. Typically, a forensic accountant may lend his or her services to calculating figures connected to such things as alimony, child support and equitable distribution involving high-value assets, estates, trusts, investments, businesses and other complex and/or valuable assets, or when discrepancies arise due to complex, inaccurate or incomplete financial records generated by one or both of the parties.
Forensic Accountants Help with New Jersey Divorce
A forensic accountant’s expertise is in auditing and financial document analysis. This is crucial in helping you recover the maximum settlement in a New Jersey divorce. Often, a forensic accountant is useful in leveling the playing field if one spouse has been the money manager in the relationship and therefore has an unfair advantage in handling and reporting finances. Sometimes, this advantage results in such significant financial imbalance that it can lead to dishonesty and fraud.
If you are the “money manager” in the relationship, a forensic accountant can provide the backup you need to justify your representation of the financial state of your marriage. Your spouse may delay the divorce proceedings with unsubstantiated claims of “hidden assets” or unfair dealings. A forensic accountant can provide the objective opinion supporting the fairness and accuracy of your actions and representations of the financial state of the marriage.
On the other hand, if your spouse has control of the marital finances and assets, a forensic accountant can uncover any hidden assets and income to which you may have a claim. Unfortunately, in some cases, the “money manager” spouse may try to hide, transfer, or defer income and assets in hopes of decreasing alimony or child support, or gain an unfair advantage in the equitable distribution of the marital assets and debts. Forensic accountants investigate various financial matters by analyzing a family’s lifestyle, a couple’s net worth at various points, bank statements, tax returns, and other public records. This allows them to check for consistency (or inconsistency) in financial reports.
A forensic accountant’s techniques are also used to investigate closely-held businesses, such as medical, dental or law practices or service or sales businesses, in the event that your spouse may have used his/her business funds or transactions to hide or transfer income, most often in the form of expensive personal assets such as hidden bank accounts or real estate, high-prices vehicles, and private aircraft. If there are any hidden assets, a forensic accountant’s investigation will yield a report that discloses these assets.
Call New Jersey Divorce Attorney Esquire, Chairman of Cooper Levenson’s Family Law Practice Group
Divorce or dissolution of a civil union can be emotionally devastating. Adding to that a complicated financial situation that must be reviewed, dissected and equitably resolved, and you are facing a harrowing experience. The New Jersey divorce lawyers and Chairman of Cooper Levenson’s Family Law Practice Group understand how important a forensic accountant can be in these situations. Our New Jersey divorce attorneys have handled a variety of financially complicated divorce cases including those involving professional practices – medical, dental, legal and financial – as well as other general businesses where the employment of a forensic accountant was essential.
If you are contemplating divorce and are concerned that obtaining an equitable settlement will be difficult, you need New Jersey divorce attorney. He will fight for your rights and utilizing all appropriate resources including forensic accountants and skilled investigators and will seek the settlement to which you are entitled. With law offices in Cherry Hill, New Jersey, in the area of South Jersey, our New Jersey divorce attorneys are available to meet with you at your convenience. Call 856-857-5526 to schedule an appointment or contact us online.