Every couple going through a divorce must go through the distribution of assets and debt. For many couples, this process is straightforward. There are homes, cars, and personal belongings to divvy up. For others, this process is much more involved. If you are going through a high asset divorce, you may benefit from a forensic accountant to do the work that will protect you financially for years to come.
Forensic accounting deals with actual or potential litigation. A divorce lawyer specializing in forensic accounting is like a detective who investigates all ranges of financial matters and transactions to determine if the numbers reflect the story being told. Forensic accounting works on the presumption that any information uncovered can and may be used in a court of law.
In a high asset divorce, forensic accounting is beneficial for:
- Accounting for valuables, including art and antiques
- Appraising property and assets
- Assessing personal expenses
- Finding hidden assets
- Uncovering inconsistencies
It is important to note that all property is subject to equitable distribution in New Jersey. Dividing property, stock options, retirement benefits, and investments is a complex process. To distribute assets according to the law, you first need an accurate financial picture to work with. Couples that share a business, have multiple stock holdings, life insurance policies, and retirement savings can likely benefit from forensic accounting. Your divorce lawyer reviews all your major financial documents, including tax returns, credit card statements, and bank records.
In the past, spouses have provided inaccurate financial paperwork in the hopes of stalling the divorce process and driving up their soon-to-be ex’s legal bills. Some spouses find clever ways to hide or understate income and assets to keep them from being fairly divided in their settlement. A skilled divorce lawyer specializing in forensic accounting records and analyzes this information for your benefit. Any unclear or irreconcilable information is further investigated and reported back to you, so that you can make informed legal decisions and take the appropriate steps to protect you and your children.
In a high asset divorce, there is a lot at stake. Uninformed legal and financial decisions made now can impact you for years to come. To schedule a free initial consultation regarding your high asset divorce and the distribution of assets, call 856-751-5505 or contact us online. With offices in Marlton and Somers Point, New Jersey, we serve clients throughout South Jersey, including Burlington County, Camden County, and Atlantic County.