Sometimes, assets vanish during a divorce, leaving one party feeling cheated and confused. Are you concerned that your spouse might be hiding assets? A forensic accountant can help bring those hidden assets to light.
What is a forensic accountant?
Forensic accountants are financial detectives. They investigate financial records to uncover fraud, embezzlement, or hidden assets. They analyze bank statements, tax returns, and other financial documents. Their goal is to provide an objective and accurate picture of your financial situation.
When you might need a forensic accountant
Forensic accountants typically help in these situations:
- One spouse owns a business or professional practice
- You suspect hidden assets or income
- Your marital estate includes valuable property or investments
- Your spouse handles all financial matters
- Tax returns show discrepancies or unusual deductions
- Cash disappears without explanation
- Your lifestyle doesn’t match reported income
A forensic accountant examines financial records with specialized expertise. They look beyond numbers to tell the true financial story.
New Jersey law and equitable distribution
New Jersey follows “equitable distribution” laws for dividing marital property. This means assets must be divided fairly but not necessarily equally.
A forensic accountant helps identify all marital assets subject to distribution under New Jersey law. They trace funds, value businesses, and analyze tax implications of property division. Their reports often become crucial evidence in court proceedings. New Jersey courts respect thorough financial analysis when making equitable distribution determinations.
Bringing in professionals
Often, it is best to consult with an attorney before hiring a forensic accountant. Legal representation ensures the financial investigation aligns with your specific case needs.
The ideal time to engage a forensic accountant is early in the divorce process. This allows sufficient time for document collection and financial analysis before settlement negotiations begin. Your attorney can help determine the appropriate timing based on your unique circumstances and court deadlines.