Understanding Forensic Divorce Accounting and Matrimonial Consulting in NJ
Divorce is never easy, and sometimes it can be downright ugly. Even if you’re wealthy, getting a divorce can be expensive and time-consuming. And if you have children? It can become a circus that no one wants to attend.
Thankfully, the Cg team includes specialists in the field of forensic accounting that can help make the process a bit easier, especially when it relates to dividing up assets. This field is often referred to as “forensic divorce accounting.”
While a forensic accountant typically helps investigate financial crime, in the world of matrimonial litigation, a forensic divorce accountant will help identify hidden assets, calculate alimony and child support payments, and trace money trails. And when the stakes are this high, you need Cg – we’re a leading firm in forensic divorce accounting in New Jersey.
What Does a Forensic Accountant Do in Divorce Cases?
A forensic accountant is an expert at ferreting out financial information. And in divorce, this means looking for hidden assets, tracing money trails, and uncovering anything else that could be used to determine a fair settlement.
This is no easy feat as it often requires combing through years of financial records – bank statements, tax returns, credit card bills, and more. The objective is to get a clear picture of the couple’s financial situation and ensure that all assets are correctly accounted for.
Our team is typically involved in high-asset divorce cases, where there’s so much money at risk. But it’s also helpful in any divorce proceeding, especially if there is a lot of disagreement about who gets what assets.
Some of their primary functions are:
Cash Flow/Lifestyle Analysis:
At Cg, our forensic accountants can analyze a divorcing couple’s spending habits to get an idea of their lifestyle. This information is often used to determine alimony and child support payments.
You need a forensic accounting expert to trace how money has been spent – or hidden – over the years. If one party suspects the other of hiding assets, a forensic accountant can uncover the truth.
Asset Identification and Valuation:
Assets can come in all shapes and sizes – from businesses, houses and cars to 401(k)s, stocks and even crypto currency. Cg’s forensic accountants can help identify all the assets in a divorce case and help determine the appropriate value for equitable distribution.
In some cases, a forensic divorce accountant acts as a mediator between the two parties. By providing clear and unbiased financial information, they can help the divorcing couple come to a fair and equitable agreement.
Tax Analysis and Planning:
No one wants to get slammed with a huge tax bill after finalizing their divorce. That’s where Cg’s forensic divorce accounting services come in. We can help you plan for taxes, so you don’t end up paying more than you have to.
How Does Forensic Divorce Accounting Work?
If you’re considering using forensic divorce accounting in your divorce case, there are a few things you should know.
First, you must understand that a divorce is often a complex and time-consuming process. It often takes weeks – or even months – to complete.
The next step is to hire a forensic accountant. This is not a do-it-yourself project. You need someone with the relevant expertise to uncover hidden assets and trace money trails. You want to be sure you’re working with someone you can trust – and Cg has the track record to earn that.
After finding a qualified forensic accountant, it’s time to gather all the financial documents you can get your hands on. This includes bank statements, tax returns, credit card bills, investment records, and anything else that will give the forensic accountant a clear picture of your financial situation.
The more information you can provide, the better.
If you’re in the middle of a divorce and feeling lost monetarily, don’t give up hope. Forensic divorce accounting may be just what you need for your finances during this tough time.
Our team of forensic divorce accountants is happy to help! We have the experience and expertise to trace money trails, uncover hidden assets, and help you get the fair settlement you deserve.
Are you involved in litigation that may require complex accounting? Contact us today or call us directly at 732-676-4100 for a consultation.