Seeking the Help of a Forensic Accountant in Your Divorce Case
Divorce Attorneys encouraging clients to get the best possible resources to successfully navigate through divorce in Totowa, Ringwood, Woodland Park, and towns in and around Passaic County NJ
A New Jersey divorce is a complicated matter, and when a couple is distributing a vast amount of marital assets, it can be all the more complicated. For that reason, there are a number of professionals who support the divorce proceedings by offering their expertise. One such expert is a forensic accountant. Read on to learn more about what a forensic accountant does, why they are necessary in a divorce, and how an experienced attorney can help you line up a forensic accountant to ensure that your hard-earned assets are protected in a divorce.
The team of skilled divorce and family lawyers at The Montanari Law Group, LLC has the knowledge and have the proper contacts you need to work on your complex asset division case and get the outcome you deserve. If you are looking for help and advice on the need for hiring a forensic accountant or another type of expert in your divorce in Prospect Park, Little Falls, Paterson, Fort Lee, Ridgewood, Hoboken, and nearby towns in Passaic, Hudson, Bergen, and Essex County, our attorneys are here to help guide you with your case.
What do Forensic Accountants Look for in Divorce?
A forensic accountant is a financial professional utilized in a high-asset divorce. The forensic accountant performs an in-depth investigation of each spouse’s financial information, and from that, they determine what each spouses’ financial contribution has been to the marriage. This information supports decision-making in the divorce settlement or litigation, such as how assets will be separated according to New Jersey’s equitable distribution model, how child support payments will be made in the case that there are children in the divorce, and how much spousal support one partner will offer another.
As one could imagine, a high asset divorce includes a vast array of financial information, including marital accounts, tax returns, investments, stock portfolios, and individual financial records for employment. A forensic accountant reviews financial information to determine each spouse’s gross asset valuation. They also look for inconsistencies that may lead to the investigation of a spouse for the withholding of marital assets.
Do I Need a Forensic Accountant for Divorce in NJ?
During the initial stages of a divorce proceeding, there is what is called a discovery process. During the discovery process, each spouse must provide information regarding their finances and their marital assets, as well as respond to the other spouse’s attorney’s requests for additional – sometimes more personal – information. A forensic accountant is employed during the discovery process of financial information gathering to use their expertise to analyze the data for valuation and discrepancies. They also support an attorney in preparing questions of a financial nature for this information-gathering process, called the interrogatory. With the sometimes hidden or disguised financial information obtained, decisions such as alimony and child support obligations can be made.
Why Is A Forensic Accountant Necessary In My Divorce Case?
If you are involved in a divorce that includes a diverse array of marital assets to distribute, it can be very helpful to have the support of a forensic accountant. Many high-income-earning and otherwise wealthy couples have assets in many places, from actively-gained incomes such as employment to passive income sources such as investment properties and stocks to other assets such as valuables, antiques, and properties. A forensic accountant is necessary for this process because they are experts in asset valuation; that is, they can determine how much assets are worth and help to ensure that they are properly and fairly distributed. In the case of litigation, in which there is often conflict between separating spouses, a forensic accountant can investigate to determine whether a spouse is hiding marital assets.
What Does A Forensic Accountant Have Access To?
A forensic accountant has access to all financial information gained during the discovery process, particularly from the interrogatory, in which the client’s attorney asks the spouse’s attorney to provide specific financial and other personal information. A forensic accountant is both essential for the preparation process for this interrogatory to ensure that a complete set of financial evidence is provided, as well as analyzing the information that comes in response.
How Much Does A Forensic Accountant Cost For Divorce?
It is difficult to estimate the cost of a forensic accountant for divorce because the depth of their services needed varies. You will want to consider whether to approach a forensic accountant who charges per hour or for the entirety of the case. Most forensic accountants will charge a retainer fee. Depending on the depth of investigation the forensic accountant is being asked to provide, their cost in New Jersey could be between $2,000 and $10,000, likely.
Decide if You may Benefit from a Forensic Accountant in Your Divorce, Contact The Montanari Law Group, LLC.
While a forensic accountant can use their investigative expertise to ensure that all marital assets are accounted for, and a spouse’s asset valuation is determined for decisions such as spousal support and child support; a family law attorney is who you will turn to ensure that all avenues for ensuring you receive your fair share of assets from a legal standpoint will be explored.
In many cases, court orders are required to turn over financial information, and as such, a family law attorney is an essential partner in your divorce process. A skilled divorce lawyer also, of course, is experienced in navigating the settlement process and serving as your representative for all requests coming from your spouse’s attorneys. They will make sure your rights are protected and you receive all you need in the divorce to get you moving toward your next chapter in peace and abundance. If you are in a high asset divorce or have a diverse set of marital assets, let us help you navigate this often convoluted legal and financial terrain with the support of a forensic accountant.
At The Montanari Law Group, LLC, we’re on your side to help you transition into your next chapter. We have a history of successfully representing clients in towns like Bloomingdale, Wanaque, New Milford, Jersey City, Franklin Lakes, and across Northern New Jersey, providing them with the legal and financial expertise needed to make sure that all assets are accounted for in a divorce and you get your fair share. Give us a call at 973-233-4396 to discuss your divorce and how we can work together to protect your hard-earned assets.