Many couples in New Jersey who have substantial assets and whose marriages are ending may have heard their respective divorce attorneys suggest that a forensic accountant be retained. Some assets are hard to locate, and many others are hard to place a valuation on for purposes of the property division aspect of the proceedings.
A spouse might have wealth tied up in collectibles, investment portfolios, businesses and other assets. In some cases, a business-owning spouse might also try to hide income or conceal assets. This can be done through setting up dummy corporations, receiving income off the books, padding a payroll or creating false debts among other techniques. The other spouse may need to retain a forensic accountant to detect these approaches.
However, forensic accountants can be valuable even to couples who are honest about their assets. They can make it possible for couples to move forward with a clear picture of their assets and the worth of those assets so that they can make better decision about their division during divorce.
Whether couples have many assets or only a few, divorce and the division of those assets can be stressful. There might be other complications including conflicts over prenuptial agreements or disputes over what counts as marital property. Even in an amicable separation, there might be points that couples disagree on. Attorneys may help couples navigate these disputes and reach an agreement that is satisfactory to everyone. Further complications might arise in working out child custody, visitation and support. If the case goes to court, a judge will use the best interests of the child to make a decision. Even parents who are using the same benchmark may find that they disagree on what the child’s best interests are, but with the assistance of their respective attorneys, they might come to an agreement without going to litigation.